Something new for the first-time home buyer in Florida is about to take place!
If your currently renting, you may want to read this article. The Florida Legislature just announced that $35,000,000 dollars has been set aside for down-payment home ownership assistance thru the Florida Housing Finance Corporation [FHFC]. These monies were a part of Florida’a huge settlement from the nations 5 largest mortgage services.
We have just made it thru the first quarter of 2013 and we are seeing solid evidence that our local real estate market is well on its way to being the best year for the housing market in over 7 years. While challenges still remain, like getting lenders to make loans a little easier to obtain, we are seeing good numbers in the housing sector here in Lee County. …continue →
[Just reported Monday 10/22/12 by the AP wire network]
The interest rate on the very popular 30 year fixed mortgage has dropped again to 3.37%.
The interest rate on the other popular 15 year fixed mortgage has also dropped again to 2.66%.
The rate on the 30 year fixed interest rate has now remained below 4% for this entire year. This stability in the rate’s is partially due to the Federal Reserve buying mortgage bonds. Their action was a way to continue to encourage more borrowing as well as spending in the economy. This move will more than likely continue till the unemployment numbers show a substantial improvement. …continue →
[Just released excerpts from the National Association of Realtors]
Lawrence Yun, Chief Economist for NAR says there would be enormous benefits to the U.S. economy…….if mortgage lending conditions returned to a more favorable posture with consumers.
“Sensible lending standards would permit 500,000 – 700,000 additional sales in the upcoming 2013 year” Yun said. The economic activity created through these additional home sales, could add 250,000 to 350,000 jobs in related trades and services almost immediately, and with minimal cost impact.”
Most Realtors, and some high quality lenders like the one shown to the right, have widespread concern over unreasonably tight credit conditions for residential mortgages. Realtors also are concerned that they may be wasting their time showing homes to a buyer needing financing, who ultimately wont be able to get a mortgage on the home they want to purchase. As gas is back in the almost $4,00 range again, some Realtors are choosing to work with cash buyers only! Other Realtors who list property “For Sale” are advising their sellers to place greater weight on cash offers……….even if they are less than an offer with a finance contingency. …continue →
Mortgage buyer Freddie Mac stated on Friday 9/7/12 the rate for 30 year fixed loans is now 3.55%!
This still is one of the lowest rates since the 1950′s. While rates did dip for a brief period to 3.49%, it was only for a short lasting duration. So although the 3.55% is not a record setter, it has added great gains to the housing recovery.
Cheap mortgages have lifted home sales for 2011, and now for 8 full month’s of 2012. Mortgage money tends to track the 10 year Treasury Note. Uncertainty about the European markets and its debt crisis……and other factors……tends to push investors toward Treasury securities as a safer investment. As demand for Treasury Notes increases, the yield naturally falls, and the cycle reverses course again. …continue →