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Home buyers can still find down payment assistance

gsappp-blueglasscast-120213TALLAHASSEE, Fla. – April 25, 2014 – Home buyers still have access to down payment assistance grants, interest-free second mortgages and other special home loan programs, provided they have decent credit and documented income in Florida

However, many borrowers don’t realize that home buying aid isn’t reserved for just low-income individuals, and money available through state and local housing agencies often goes unused.

Some down payment assistance programs “are for working people who make a decent income but don’t have enough to save for a down payment,” says loan specialist Deborah Holloway of Melbourne, Fla.-based Shelter Mortgage Co.

Some buyers qualify for down payment assistance even though they earn upwards of 120 percent to 140 percent of the median area income. Buyers should check the websites of the housing authority in their state for a list of programs and participating lenders.

Meanwhile, some lenders – like TD Bank Group – have created their own loan initiatives for first-time buyers with low down payments, and buyers also have access to Fannie Mae’s HomePath program, which requires only 5 percent down. A first step for Floridians checking to see if help is out there: The Florida Housing Finance Corporation. It’s the state window for funneling money from federal and state programs into the hands of prospective homeowners.

Source: Bankrate.com (04/22/14) da Costa, Polyana © Copyright 2014 INFORMATION, INC. Bethesda, MD (301) 215-4688

Easier Home Loan to assist housing recovery 2012

Easier Home Loan to assist housing recovery 2012, Capital Economics recently reported the possibility to the end of the US housing crises, late this year. This much awaited housing recovery may in part be due to the banking industry loosening up credit requirements to borrowers. We should not expect to go back the boom days when anyone with even a moderate credit score could get a loan. Buyers can expect to carry a credit score of 700 or greater to qualify according to the analytic firm.

In addition, to credit score; buyers will need to prove income (the days of the stated income loans are far gone); however, the good news is that it is expected that qualified buyers will be able to borrow roughly 3.5 times their annual income, this up from 3.2 from the crises; according to the report.
Furthermore, banks are expected to increase the LTV (Loan to Value Ratio) to 82% up from 74%.
As brokers we have personally seen many cash buyers and agree that the opening up of available credit to qualified buyers would most certainly assist in the housing recovery. Buyers requiring financing would be able to come off of the fence and begin to reduce the inventory levels. Capital Economics recently reported the possibility to the end of the US housing crises, late this year. This much awaited housing recovery may in part be due to the banking industry loosening up credit requirements to borrowers. We should not expect to go back the boom days when anyone with even a moderate credit score could get a loan. Buyers can expect to carry a credit score of 700 or greater to qualify according to the analytic firm.

In addition, to credit score; buyers will need to prove income (the days of the stated income loans are far gone); however, the good news is that it is expected that qualified buyers will be able to borrow roughly 3.5 times their annual income, this up from 3.2 from the crises; according to the report.

Furthermore, banks are expected to increase the LTV (Loan to Value Ratio) to 82% up from 74%.

As brokers we have personally seen many cash buyers and agree that the opening up of available credit to qualified buyers would most certainly assist in the housing recovery. Buyers requiring financing would be able to come off of the fence and begin to reduce the inventory levels.

Finding Good Reliable Real Estate News and Information

As the broker of South Florida Brokers & Assocaites and Miami Rent Seekers ; I am constantly searching the internet for reliable real estate news, information and updates.  Although, I believe that our National, State and Local Boards offer excellent services in this realm, by providing weekly and monthly updartes via email and simply by logging on to the perspective websites sometimes we ned the extra that gives more consummer oriented information.  I recently discoverd  realtytimes.com. This site offers a wealth of information.  This information is very much up to date. Anyone is abl to access this site and view information such from Real Estate Forecasts and  Current Market Conditions to Buyer and Seller advice and even an agent locator.

The real estate professional is certainly not left out of this site. In fact thair are several tools I noticed that are available to real estate and mortgage practitioners. Many are geared towards adverisment.

To be honest the best feature of the site that I noticed was simpy the podcst at the very top of the home page.  If you play it, it will give you a quick and concise view of the national real estate market and break it down on regions for you.  Although, I do not believe this site replaces local infomtation (we all know real estate is very local), I do believe it is an excellent source for quick information as an overview.