Market Updates
First Time Homebuyers-More programs available!
Most first time buyers by now are aware of the First Time Homebuyer Tax Credit, unfortunately the clock is rapidly ticking and time is running out…
And the program is set to expire November 30th 2009…
However, most first time buyers are not aware that there are other programs available to assist financially with the first time purchase of a home. That’s right-MONEY IS AVAILABLE to help you buy your first home!
Who? Florida Housing Finance Corporationis a public corporation of the State of Florida and is the state’s housing finance agency. Florida Housing is a financial institution that administers federal and state resources to finance the development of affordable homeowner housing and to assist homebuyers.
FTHBoffers 30-year fixed interest rate mortgage loans to first time homebuyers through its network of participating lenders and lending institutions. There is also Down Payment Assistance (DPA) available. Florida Assist (offers up to $7,500) based on your 2 person household*(to be eligible for down payment assistance through Florida Assist, your combined household income may not exceed $61,200.00.
What? First Time Homebuyer (FTHB) Program to qualify you must have:
1.Acceptable credit: the average credit score for all 2008 loans was 674, depending on other factors somewhere in that range…However to qualify for a mortgage you must have a minimum 600 FICO score.
2.Be a First Time Homebuyer: Their definition=Do not own the home they live in or claim their mobile home as real property, have not owned and occupied a primary residence within the past (3) years, able to permanently reside in the US and will occupy the property within 60 days.
3.Take a Homebuyer education Course: 6-8 hour face to face homebuyer education class.
4.Meet the bonds program’s income and sales price limits.The guidelines for income are very generous, and based on Household Income for how many people will live in the home and what is the total income for everyone in the home over 18 years old. For 1-2 Adults (no children) they are allowed to make up to $91,800, However if there was a child or a third person the income would increase to $107,100. IRS will count all persons that will live in the home, even if they are not on the loan ie: Grandparents, fiances etc. Currently the sales price limit for Broward County is $613,321.00!!!!
South Florida Residential Market Update – August 2009
Sales and Pending Sales Up…Inventory Down
The numbers tell the story…. Broward and Miami-Dade residential inventories continued to decline during July, according to data from the Multiple Listing Service (MLS). Inventories dropped from 74,966 total homes and for sale in July 2008, to 49,058 in July 2009, a 35% decrease in just 12 months. During the same time-frame, sales increased 47% from an average of 2,518 sales per month, to 3,707 sales per month.
Pending sales, the number of homes and condos in the process of closing, are also up dramatically across both counties. The inventory supply across both counties decreased from 30 months last year to 13 months today. Decreasing prices have been the prime motivator for our spike in sales this past year.
If you’re selling, now is the time to make sure that your property is priced accurately. If you’re looking to purchase, we’re in the midst of one of the great ‘buyers markets’ of our generation.
**Check-out our Facts & TrendsTM reports at www.ewm.com/trendx to see the numbers for your area and price range.
