Rates are good, but investor loans are under a microscope right now due to the high percentage of foreclosures in our local market. Florida was recently declared a declining market, making it harder to obtain the "favorable" financing we all grew accustomed to (ie: 100% owner occupant loans, no-doc, stated income, etc).
Now our market is seeing a rise in FHA loans since they typically require only 3-5% down for owner occupants, and you can use "gift" money for a down payment. PLUS, you can negotiate up to 6% in seller concesssions (closing costs) in the contract, whereas 3% was the maximum for conventional loans.
Buying a home is still and always will be a great investment. Whether you occupy the home, or invest to rent, always consult a local Realtor to advise you on the CURRENT market. It is like the stock market... and gas prices....EVER CHANGING!
p.s. If you are investing, be prepared to put 10-20% down and HOLD for a while. Realtors who focus on investor clients can assist with price analysis, cost analysis, and rate of return on investment. Email me to sign up for my free weekly foreclosure list: amyherring@kw.com
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