Lately there has been some good news from several lender and banks in regards to financing for Foreign National loans in the Orlando area. In the past few years trying to find financing for these types of loan has been difficult and in some cases near impossible. This is beginning to change and I now have 2 very good lenders that are offering good loan products for Foreign Nationals.

With these new loans you can expect the requirements to be somewhat strict but workable. Minimum down payment requirements are at least 30% and a U.S. bank account with sufficient assets must be open for a minimum of 30 days. There are also credit requirements that are required by each lender as well.

Below is the contact information for both lenders so you can get more information about these new loans. These lenders are located in the Central Orlando area and may not be able to write loans outside of the Florida market so be sure to ask which States the loans are acceptable in.

Lenders:

Dan Schedivy
CFL Consultants LLC
407-227-3130
dan@cfl-consultants.com

James Holmes
Regions Bank
407-397-2276
james.holmes@regions.com

The past several months have been very hard on all European currencies. The Euro has seen record lows against the Dollar and the once mighty Sterling has tarnished and hit record lows as well. Over the past few week though we have seen both currencies bounce back. While there are still formidable economic problems in Europe the Euro has been trading at $1.25 against the Dollar and the Pound has finally moved above the $1.50 mark against the Dollar.

Click on the picture for a currency converter  

These are good signs for Europeans who wish to travel to the U.S. as well as purchase property but how long will these trends last.  Based on information from Money Corp both of these currencies will experience volatility until the global economies begin to improve. They recommend taking advantage of the strong position of the current trading while both Euro and Pound are favorable against the Dollar.

For investors looking to purchase properties in the U.S. market now is a good time to lock in while currency rates are trading high. At today’s rate a $150,000 U.S. Home would have convert to 100,000 Sterling to purchase. Several weeks ago this same home would have cost 104,895 Sterling. An increase of .07 gained a savings of $4895.

For those who have been waiting for a small recovery, this might just be the time to jump in. Not one of the experts can predict for sure when we will see the global economies recover fully which is why investors need to take advantage of the current currency trading.

February proved to be another uncomfortable month for Sterling as the US Dollar pushed the Pound below the key market level of $1.50. Both UK and US GDP figures for the 4th quarter of 2009 were revised up, 0.3% and 5.9% respectively – a clear indication of the rate of recovery in the US and the bumpy road ahead for the UK. 

And so the Dollar remains in a strong position with traders buying on strong US fundamentals and buying even more aggressively as a safe haven play. Traders, frightened by continued concerns over Greek national debt, the possibility of the Spanish government following suit, and renewed concerns over Dubai World once again asking to delay its debt repayments, are moving into long Dollar positions.   

As the deadline fast approaches for Prime Minister Gordon Brown to call a general Election in the UK, opinion polls have taken center stage in setting traders’ sentiment about the Pound. Brown’s labor party closed the gap on the conservatives to just six points, suggesting the possibility of a hung parliament. With neither party having a clear majority, this would render the Prime Minster unable to effectively tackle Britain’s very serious deficits. The time between now and the election will be dangerous for the Pound, with only more downward pressure expected.

The political finger has again been pointed in the direction of hedge funds, which are now being blamed for aggressively short selling the Euro and effectively betting on the currency going even lower. Both Greek and Spanish governments have raised concerns over what they believe are attempts to destabilize the Euro.  A weaker Euro may improve the region’s outlook in the next quarter, as exporters’ bottom line figures are sure to benefit. Expect further pressure on this ailing currency over the next few weeks.

The commodity currencies, most notable are the Canadian and Aussie Dollar, have continued to perform well. The reserve bank of Australia raised its interest rates to 4%, inflicting a 25-year high against the Pound. The Canadian Dollar, supported by strong Canadian fundamentals and higher oil prices, has enjoyed particularly strong levels against the Greenback, trading at the top of its current range. 

The Canadian unemployment rate dropped to 8.3% as 43,000 new jobs were created in the month of January – further evidence of a continuing stabilization of the Canadian economy. Parity anyone?

2010 is here so what does the Real Estate outlook for Central Florida look like for the coming year. We can expect pretty much the same as 2009. With all 5 year ARM loans coming due, we can expect a fresh round of foreclosures for the year.  The American Banking Association (ABA) is expecting 1.9 million foreclosures for 2010 slightly up from 2009.

Lawrence Yun, chief economist for the National Association of Realtors expects 2010 to be another favorable year for home buyer as market conditions and tax credits are boosting home sales throughout the country. First time home buyer $8000 tax credit was extended to April 30^th so we can expect the first quarter for the year to be very busy with buyers looking to take advantage of this tax credit.

The vacation home market which was hit the hardest with foreclosures is seeing many bargain hunters and investors looking to take advantage of this segment of the housing market. For Central Florida this is no exception. Vacation homes around the Walt Disney area were hit hard with foreclosures as many owners saw their property values plummet on high price properties that were purchased during the boom years. With values cut almost in half, vacation properties are seeing many international buyers come into the market who had passed on properties during the peak years of home sales.

Overall we can expect a steady stream of foreclosures for 2010 making the year another banner year for home buyers. Tax credits and favorable pricing will drive the sales throughout 2010. While inventory will be steady buyers can also expect competition from investors looking to pick up hot foreclosure properties.

A month ago we dwelled on the Pound’s reluctance to move above $1.67, the high achieved at the end of last October. Investors have been on a rollercoaster ride throughout July with the GBPUSD rate blundering between 1.63 and 1.66. The ride must have gathered momentum however, trading around 1.69 today.
 
The movement is primarily attributed to investors selling US Treasuries, therefore US Dollars, and buying equities and commodities. The positive data from the UK, however, cannot be ignored. Although still a negative value, the UK’s second quarter GDP figure shows the economy is gaining some strength. Consumer confidence is at the highest level since April 2008, and the Bank of England unanimously voted to hold interest rates at 0.5%. It still looks as though the eventual break will be to the upside, but there can be no guarantee. If you have an immediate transfer to make, buy now. If you have a couple of months, speak to your exert about utilizing a stop-loss and limit order to protect against a drop or maximize your gains from further upwards movements.   The Euro generally mirrors the trend of the Pound against the US Dollar; however the less than positive data from the Euro zone has dampened this effect with industrial orders under tremendous pressure. We should see a tight range this month for the Euro, trading between 1.45 and 1.46 and staying below the 1.50 level.  

 With Canada being a commodity-driven economy, the Canadian Dollar is benefiting from the current investor trend. Unemployment is rising and interest rates are very low but as long as the equity markets remain stable the CAD should remain strong against the weakening US Dollar. Trading levels between 1.05 and 1.12 are expected.  

With the Global demand for Real Estate suffering, Governments around the Globe are easing restrictions for Foreign Nationals looking to purchase properties in other countries. The changes in ownership laws and reduction in fees to investors is hoped to spur investment across the Globe.

The easing of restrictions is most notable in the Caribbean Nations, China and Australia where these governments have realized that foreign investment is critical to their Real Estate markets. The U.S. has always been investment friendly for foreign nationals. Investors worldwide have always viewed the U.S. as a great place to invest because of our stable government and recently great opportunities for Real Estate in our current housing market.

It should be noted that most of these easing of restrictions are temporary. Foreign Nationals looking to invest should take advantage now while these government friendly programs are in place. As Global economies improve and Real Estate markets improve property restrictions will be phased back in.