2012: Is now the time to buy a Florida Home? It never fails, New Years rolls in and experts expound on what they expect the coming year will bring with it. Most are saying the Real Estate Market will not recover until 2014. But I beg to differ. InKissimmee St Cloud Florida homes sales are up.
Real Estate will do different things in different parts of the country. Home prices in St Cloud and Kissimmee Florida hit bottom in December 2010. This was a direct result of the release of foreclosed homes hitting the market and achieving bottom end sales. This actually suppressed gains in home values. The number of sales however, rose. Although the prices were far from impressive compared to California, or Nevada (the other two major areas with the highest foreclosure rates in the country) What is controlling existing homes sales are lenders.
CREDIT SCORES- You will need a credit score of 720 now to qualify for a home mortgage loan. Lenders are scrutinizing applicants much more closely for risk. While there is money to be had, it will be more difficult to obtain if you have been late, or reckless in your spending or have not been paying close attention to making your payments on time.
LOAN PROGRAMS- Are still in abundance. Fannie Mae and Freddie Mac are the primary holders. FHA loans are still available with 3.5% downpayment requirements and sufficient funds for closing costs.
VA Loan Programs- also abundant-expect to see a rise in applications as returning Veterans utilize their benefits.
Conventional Loans- This applies primarily to second homes, vacation homes, and investment properties. 20% down payment is required, and the property is subject to approval as well from the lender. Look for additional conditions and terms to the loan.
CASH- is making significant rises in purchases of Kissimmee St Cloud existing home sales. Lower prices attract buyers who are looking to capitalize on the distressed housing market. Many are diversifying their portfolios away from stocks, and back into Kissimmee St Cloud Florida Real Estate.
Refinancing:
Some investors are utilizing their high value home equity ( in other parts of the country), where the Real Estate market has been more stable to finance acquisitions of second homes in distressed markets. Strategically a good plan. Read More...
Comments(1)