A few years ago, in the height of Orlando’s property boom, mortgages and properties were flying off the shelves. Today, however, it is a slightly different story, as research shows that so far this year, only one in ten sales of condos in Orlando were purchased with a mortgage – the remaining nine were cash purchases.

This highlights the struggle that people are facing when trying to obtain mortgages in the area. Reasons for this could be that the government-backed mortgages have now disappeared. Mortgages also seem to be more difficult to obtain for condo purposes because many lending companies are against the multi-family properties.

“Right now, condos are almost impossible to finance, and it has little to do with the homeowner associations” commented an estate agent based in Orlando. He continues; “It’s the Fannie Mae and Freddie Mac rules and guidelines that deter owner-occupants on those condo properties, which could be a starter home for a family.”

For details of property in the USA, visit the USA listings on Rightmove Overseas. One way to save money when buying in the USA is to use a currency specialist when transferring your pounds into dollars to complete the purchase of your property. For more information on this, contact Smart Currency Exchange.

To understand the full step-by-step process to buying a property in America, collect The Overseas Guides Company’s ‘USA Property Buying Guide’