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Preston Ware's Blog

By Preston Ware | Mortgage Broker
or Lender in West Palm Beach, FL

Home Mortgages in Miami

Mortgages in Miami
Miami is similar to other parts of Florida in that it has seen massive appreciation. Comparing two graphs furnished by City-Data.com we see that the median home price at the beginning of 2012 was approximately $200,000 and now towards the end of 2013 it is $300,000. That's amazing!


Miami Home Prices 2012

We are also seeing a lot of investors and cash purchases. Three popular programs that will help investors leverage their money are:

Flips - This term used to be considered a four letter word and at one point FHA would make investors wait 6 months before they could buy and sell a home to make a tidy profit. Now the investor can wait as little as 30 days if the situation falls within guidelines.

Private Money - Private money or Hard Money financing is out there again and can be used if an investor wants to parlay his available funds to work on more than one project at a time. This money is expensive but if the investor is able to buy and sell the home in a 3-18 month time frame it works.

The Delayed Purchase Program - The delayed purchase program is essentially a cash out refinance. It used to be that if someone purchased a home for cash they had to wait a while before they could draw the equity out of the home. Now the investor can do this on day one. This program is a good tool because of the competitive nature of today's marketplace. Cash offers always win out over an offer with financing, so the well funded investor pays cash for the home, gets their money back and goes off to buy another.

Preston Ware
Mortgage Banker

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