An FHA Loan in Winter Park could be your ticket to Home Ownership!

By
Services for Real Estate Pros with Climer School of Real Estate

For those of you who aren't local to central Florida, Winter Park is considered one of the most desirable areas in which to live. It has everything-old Florida charm, grace, reputation, shopping, restaurants, brick roads, and it is just plain ol' beautiful.

The costs for homes, especially lakefront, can be in the millions of dollars. With the real estate bust, there are many beautiful homes, in Winter Park, that can be purchased with an FHA mortgage, opening the area to many more qualified buyers, and saving them money as well.

An FHA Loan in Winter Park is one of the best kept secrets in central Florida!  The maximum mortgage amount for an FHA Loan in Winter Park is $353,750. An FHA loan in Winter Park requires a down payment of 3.5% or only $12,830. This equals a mathematical sales price of $366,580, and there are lots of homes in that price range or less! This would save your customer $5,500 in down payment if they were going 5% down conventional and $22,828 if they were putting 10% down conventional and they would still have a lower monthly MI payment, dollar to dollar.

A sales price of $373,368 would require 5% down, still get an FHA loan in Winter Park and have a much smaller monthly MI payment as well! Your clients will LOVE you!

 

This number is well above the median sales price, will affect a large number and percentage of potential buyers, (many of whom would love to use an FHA Loan in Winter Park), and will truly help your customers save money at closing.

There are a lot of false perceptions about using an FHA Loan in Winter Park for your real estate transaction, and this is my second blog in this series.

Using an FHA Loan in Winter Park allows the seller to contribute up to 6% of the sales price to the buyer's closing costs, prepaids, and escrows! And, in the higher price ranges, the total amount of these 3 items ought to be 3%, or less, of the total purchase price!

It's much easier to ask the seller to contribute 2.75% or 3% rather than 5 or 6%.

If you are working with a Loan Officer like me, saving your buyer and the seller money is never an issue. I make my agents look great!

 There are many other great reasons to use an FHA Loan in Winter Park. I will be blogging about them all in my new FHA Loan in Winter Park series. And, I am an FHA Financing Expert. I am the expert knowledge source for all of your FHA Loan in Winter Park questions so catch all of the articles in this series.

Andy Brown, Your FHA, VA, and USDA/RD Financing Expert!
407-472-3443   888-774-4410 ext 232
www.OnLineFloridaMortgage.com

 

 

 

Comments (1)

Matthew Cordisco
Pocono Mountain Lakes Realty - Pocono Lake, PA
Pocono Real Estate Professional

That is a lovely picture of Winter Park, it sounds like a beautiful place !!

Nov 03, 2010 07:08 AM