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Financing Matters

May 4, 2006

Robust home appreciation in Florida over the past five years has pushed average prices to 6.1 times the average household income. Only 33% of households in Florida, today have incomes of at least $60,500, which is the level of income required to purchase the current median-priced home in Florida with a conventional loan. In 1999 fully 69% of households had the required minimum income to finance the purchase of the same median-priced home. Now more than ever, experience in financing matters. With interest rates on the rise it is imperative that buyers get professional help in understanding a full range of creative financing strategies. Sellers also are encouraged to seek out a full range of financing packages tailored to their offering. Such financing strategies include:

  • Fixed Rate mortgage – 30/25/20/15/10 year
  • Adjustable Rate Mortgages
  • Introductory Rate ARM’s
  • LIBOR – London InterBank Offered Rate
  • Balloon Mortgages
  • Buy down Options
  • Graduated Payment Mortgage
  • HELOC – Home Equity Line of Credit
  • Reduced Rate Option
  • No Down Payment Programs
  • Low Documentation Loans
  • Non-conforming (Jumbo) Loans

For the best interests rates contact me or my wife, Opal at Mortgage Associates of Sarasota 940-809-0198.

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