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lake county: USDA Rural Development loans expecting to run out of funds by late next month - 03/11/10 09:57 AM
Updated information- Check it out below
I normally hate titles that are meant to scare people into reading but unfortunately this time there is no exaggeration to the severity of the issue. USDA Guaranteed Rural Development loans, one of the best low/no down payment financing programs left, has recently announced they expect to be out of the funds they use to guarantee loans by late April. If no action is taken by Congress to re-appropriate more funds then it will be the next budget year, after October, before we have this financing option again.
But the Tax Credit deadline is looming
… (46 comments)
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lake county: Well is the First Time Buyer Tax Credit getting extended? - 10/02/09 10:24 AM
Where are we going with this Tax Credit?
There is a lot of talk about whether THE Tax Credit will be extended or even expanded these days. I wrote a post that explained the state of affairs a few days ago but since then I've heard everything imaginable on the topic, so it's time for an update.
Again, let's start with the facts. We still have a bunch bills although a new one was introduced in the Senate (see text here) and is beginning its quest to become law. Essentially little else has happened on the forefront of the Tax … (2 comments)
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lake county: USDA Rural Development loans are NOT out of money, and other important facts for Lake County, FL. - 09/29/09 05:42 PM
Last Friday the USDA formally announced it was entering its annual "roll over" of funding as of its new fiscal year October 1st. This mainly administrative action results in USDA's funding being delayed until it's made available through the General Accounting Office (GAO). This by no means indicates the USDA is out of funds! What it does do is delay funding for loans and guarantees. While there are still a number of lenders that can and do close and fund loans during this period, the vast majority of lenders do not. This doesn't mean your loan won't close, it … (4 comments)
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lake county: Pace of Home sales spikes up for June in Lake County, FL - 07/16/09 08:35 AM
The typically busy spring home buying season has sprung in Lake County which surpassed the 300 unit per month threshold topping out at 317 for the month of June, '09 as reported by the National Association of Realtors. Prior to this April had seen the best sales so far this year with 288 and the June sales blow away January's total of 187 sales. Sales are clearly trending upward with price and rate affordability playing a big role, coupled with the first time buyer tax credit incentive.
While sales of single family homes under $50k took a sharp jump … (2 comments)
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lake county: Using the $8000 tax credit as down payment in Lake County Florida-update - 07/07/09 03:35 PM
To sum it up, the program will not be available in Lake County until early August at best. Applications cannot be accepted until that time. If you have buyers anticipating the need for these funds, now is the time to have them begin working with your lender to ensure they are ready to submit their application as soon as allowed.
There is only $402,343 allocated to Lake County. Assuming we get only 1 use per family at $8000 per family that means we will be able to help only 50 families. If you have a buyer that needs this program … (2 comments)
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lake county: USDA income limits change April 20, 2009 for Lake County - 04/10/09 07:19 AM
It's been confirmed! The income limits in Lake County (and the entire Orlando area) for USDA Guaranteed Rural Development loans will go up to $70,750 for households from 1-4 persons and $92,400 for households from 5-8 persons. No false start anymore folks. We can start taking and processing applications immediately but cannot submit them to the USDA until 04/20.
Folks don't take this lightly. I did my preliminary research on this change when it was first announced and discovered EVERY FHA deal I had done would have qualified for RD. Why is this a big deal? RD has no … (0 comments)
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lake county: February ’09 sales stats for Lake County, FL. Have we seen the bottom? - 03/12/09 11:20 PM
After a rough January the real estate market in Lake County found some footing in February. A number of very positive stats stick out:
•· The average sales price jumped over $10k from the previous month. Thirteen single family homes over $300k sold compared to just 6 in January.
•· Although a total of 55.2% of the homes sold were under $140k, the bulk of them were priced between $100-$140k.
•· With the exception of last December, we now have less inventory than any time since April of 2007.
Yes we still have over 5000 homes which represents an … (4 comments)
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lake county: Breaking news-New FHA loan limits just released! - 02/25/09 09:53 AM
Pursuant to economic stimulus package signed into law last week HUD has posted their higher loan limits with a mortgagee letter (#09-07) out this morning. We have been looking for confirmation of this and now we have it!
In Central Florida the single family loan limit rises from $274,850 to $353,750. For loan limits in your area check this link.
Gerry Suarez, Jr.
Your FHA Loan Pro!
… (9 comments)
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lake county: Don’t miss the Lake County Parade of Homes, Great deals in Eustis, FL! - 02/18/09 09:14 AM
The Lake and Sumter Counties Home Builder's Association Parade of Homes kicks off this weekend, Saturday February 21 with great deals on new, never lived in homes for sale. The great incentives being offered by builders, coupled with the new $8000 tax credit for first time buyers makes it an excellent time to buy.
Also remember if you want to have a home built to order, and want to be able to collect on your $8000 credit, you need to start construction within a few months so you can be closed by the November 30, 2009 deadline.
You can get more information … (0 comments)
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lake county: December sales trends in Lake County FL- the market is becoming very clear - 01/17/09 09:17 AM
As we look back at 2008 and it's last month, real estate sales seemed to take a very predictable path. Once again there were about 200 single family homes sold (202 to be precise). Once again it was the $100- $140k price range that garnered most of the sales (57 units or 28.2%). The local market seems to be reaching an apparent equilibrium.
More homes were sold in the $120-$140k range than any other month in 2008 (39 homes) but it appears these sales are freeing up some move up buyers because December also represented one of the highest months … (2 comments)
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lake county: More GREAT news if you want to purchase a home in Lake County, FL! - 11/07/08 12:39 PM
Upcoming changes in the Rural Development loan program should allow more families to qualify with ZERO down and ZERO closing costs! The income restrictions are expected to ease, allowing households from 1 to 4 family members to make over $70,000/yr and still qualify. Households having 5 to 8 family members would actually be able to qualify even if they make over $92,000/yr! These are substantial increases so if you were told you made too much to qualify for an RD loan, please look again!
This coupled with the fact that every home in Lake County is in the eligible area … (10 comments)
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Gerry Suarez Jr- Your FHA Loan Pro!
Mount Dora,
FL
More about me…
Mortgage Financial Group, Inc.
Address: 725 E. Alfred St, Tavares, FL, 32778
Office Phone: (352) 742-7900
Cell Phone: (352) 516-9884
Email Me
Local information regarding Mortgage lending in Central Florida including Orange, Seminole, Osceola, Lake, Volusia and Marion Counties. Also providing up to date information on HUD and government loan programs, and first time buyer programs. I'm required to tell you I'm not acting on behalf of HUD/FHA or the US Government!
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