Florida Homebuyer Opportunity Program

The City of Orlando announced this week they will provide down payment assistance in the amount of $8,000 or 10% of the purchase price, whichever is less, to first time home buyers under a special program. It will be a loan and the home buyer is expected to fully repay the loan back when they get their federal tax refund. Loans will be provided on a first come, first ready basis.

The requirements are:

The applicant must be a first-time home buyer or someone who has not owned a home during the three year period prior to the purchase;

Borrower must occupy the property;

Applicant must provide $1,000 of their own money toward down payment and closing costs and they can't be a gift or a loan;

Applicant must have a minimum credit score of 620;

Debt to income ratio cannot exceed 45% and the housing expense cannot exceed 38% of the borrowers gross monthly income;

Borrower must provide 2008 income tax return, verification of employment, paystubs for the last 30 days and any other form of income for the borrower and any other household member that will be residing in the home;

Income must not exceed $75,000 for a single taxpayer and $150,000 for joint filers;

Property must be located within the city limits of Orlando;

Maximum sales price is $262,317.

The assistance will be provided as a deferred loan for the first 18 months after the closing date of the loan. The borrower is expected to use their federal income tax refund to fully repay the loan.

If you are looking to buy or sell a home in the Orlando, FL area or would just like to know some more information, feel free to visit my website, call or Email me.

Real Estate Market Improving

The S&P Case Shiller Index numbers released on July 28 reveals improvement in the housing market. The numbers show price increases in the past month. Prices are still down by 17% from last year, but the numbers have been improving for the past 4 consecutive months. New home sales have improved and have increased by 11% in June.

The most improvement is in the lower price ranges and that means both the foreclosure and tax credit are affecting this market. One thing for sure investors and first time home buyers are coming back into the market.

The Case Shiller Index is indicating that prices have turned in the other direction but it doesn’t take into the account how foreclosures and the tax credit is affecting the market.

For more information on Orlando and Central Florida Real Estate visit my website.