Obtaining a Mortgage in Hard-Hit Orlando

If the thought of pursuing a mortgage is stressful enough, trying to obtain one in Orlando can seem even more daunting, as it was one of the hardest …

If the thought of pursuing a mortgage is stressful enough, trying to obtain one in Orlando can seem even more daunting, as it was one of the hardest hit areas after the housing crash. As a result, many lenders in the Orlando housing market became fiercely hesitant in offering mortgages. Even more difficult to obtain were condo mortgages. But you can obtain an Orlando mortgage by turning to a group run by fully licensed and experienced brokers who can navigate these potholes with blindfolds on, and who have a great track record when it comes to qualifying clients with mortgages in such a turbulent local market. This article will offer a basic introduction in examining the real estate arrow that struck the core of Orlando, and the HARP 2.0 loan as a potential remedy.

What happened in Orlando?

First let’s get a general understanding as to how this all happened. By the end of 2011, single-family homes in Metro Orlando fell another 19 percent. Orlando’s market going into 2012 depended largely on the stalled foreclosure market being able to work its way through the legal system after delays flared from allegations of improper documentation. Orlando has been slowly recovering, but it has been at a much slower rate than most other parts of the nation. In an article published by The Orlando Sentinel, the author confirms that these delays could continue depending on how slowly banks initiate new foreclosures on properties behind on their mortgage payments and in default. Although there are many storms ahead that only the most experienced brokers can navigate through, 2013 has a much better outlook.

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HARP 2.0

It sounds like a software program, but the Home Affordable Refinance Program offers some great ways for homeowners to refinance or get a first-time mortgage. When HARP 1.0 was launched it was expected to play a key role in helping the housing market recover. However, it only helped one million of the four million people it had its original sites on. Government officials went back to the drawing board, and released HARP 2.0, which has been met with much success. There are a few hurdles to jump in order to qualify for this program, but your experienced broker can help you clear them. For starters, like most things in life that involve finances, you need a good credit score—one with a minimum of 620 in order to qualify for the HARP 2.0 loan. If you fall a little short here, don’t panic, your broker can help set you on the steps to repairing your credit in a tailored manner to qualify before it is too late. However, if you were one of the million people in the country to got a loan through HARP 1.0 you are automatically disqualified. Also, your mortgage payments should never exceed 28 percent of your gross monthly income. This is an industry standard, and a general rule of thumb.

Broker up

As you can see, there will be some challenges, and this article only scraped the surface. Your best plan of action should involve doing some online research and contacting an experienced Orlando market broker to help guide you through this process.


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