Archive for the ‘Financing’ Category

h1

Mortage Rates Near Lowest

October 9, 2009

The thirty year fixed-rate mortgages have dipped to nearly the lowest level on record. The fixed-rate is currently at 4.87 percent which is just above the record low of 4.82 percent. Similarly, the 15 year rates is now at 4.33 percent. Rates like these should encourage many to enter the market. International buyers should be intrigued by low prices, low rates and our weak dollar.

h1

First Time Home Buyer Credit

February 19, 2009

Under the recently passed $789 billion economic stimulus package first time home buyers may receive a tax credit equal to 10% of the homes value up to a total of $8,000.  Buyers who have not owned a home during the past three years are also eligible for this tax credit.  Unlike previous programs, this tax credit is not required to be repaid unless the home is resold in the first three years of ownership.  To qualify for this tax credit home buyers must complete their purchase before December first of this year.

Now is a wonderful time to be a first time home buyer.  Priced are down and great deals can be made among the many bank owned properties.  With a mortgage deduction on mortgage interest paid coupled with this tax credit buying a home at today’s prices may be a great financial decision.

h1

Mortgage Rates

February 18, 2009

This week long-term mortgage interest rates have dropped.  The average interest rate for a 30 year fixed rate home loan fell to 5.16 percent.  That is down from the average of 5.25 percent last week.  Interest rates charged on 15 year loans have also seen declines from 4.92 percent to 4.81 percent.  Current rates are down and prices are as well.  Now may be the best time to find a great deal on a bank-owned property.  Give me a call at 941-650-4626.  I can help you find a great deal on on year dream home or condo on the water in Sarasota.

h1

Bank Owned Developments

February 3, 2009

The current economic climate is creating many wonderful opportunities. Currently there are many available bank owned properties suitable for future housing development. These properties consist of multiple housing lots that are available in partially developed neighborhoods. With the credit crunch banks have refused to renew short term loans that had been given to developers. Having now foreclosed on these properties, the banks want them liquidated at prices that are far below original cost. Many such properties are complete with all infrastructure in place and ready for new homes when the market recovers.

Local builders such as Pat Neil are currently selling many new homes in developments where the land cost is low enough to make new construction profitable at today’s market pricing. At the new lots prices that are available from the banks these lands will perform well for savvy investors who take advantage of such opportunities.

h1

Florida Mortgages

November 25, 2008

Contrary to what you may have heard, money is available for Florida mortgages.  Current rates are attractive and so are the prices.  Thirty year fixed rate mortgages up to $417,000 are available for 5.625%.  One hundred percent VA loans are available for 5.75% with no P.M.I.

h1

Foreign National Lending

November 19, 2008

Recent changes in lending practices have added some complexity to the loan process for foreign nationals.  It is important for any foreign buyer desiring to purchase Florida Real Estate to work with professional brokers who are familiar with the process.  Because banking institutions have been caught with so many bad loans they have raised the minimum down payments requirements to 30 percent in most cases.  Additionally, down payments and closing costs are now required to be “seasoned” or deposited in the lenders bank for a 30 days prior to close of the loan.  Additionally, escrow accounts for taxes and insurance are now mandated by the Treasury Department under the HOEPA statutes passed this July.

h1

Sarasota Real Estate Deals for Cash

September 22, 2008

The days of easy mortgages are gone for a while and once again cash is king.  The banks tightening of lending standards has created some very nice opportunities for cash buyers.  The market is showing some sure signs of improvement.  As the recent take overs of Fannie Mae and Freddie Mac settle in the credit market will loosen and people will return to the market with easy loans.  For now cash offers will be very tempting to motivated sellers.