Through Oct., HUD will sell REO homes to owner-occupants who qualify for FHA financing, including 203k fix-up loans. In most cases Hud will also cover up to 3% closing cost.
In Florida and a handful of other states, the Department of Housing and Urban Development (HUD) will sell homes it owns for only a $100 downpayment, providing buyers meet certain conditions.
Buyers must plan to live in the home and pay full asking price. Buyer must also purchase home with FHA finacing.
This deal also will cover those homes that require repairs that are being bought through FHA203K loan.
FHA 203K loan: is a way for a buyer to borrow more than the list price and use the extra money to fix it up. By rolling the loan money plus fix-up costs into a single loan, buyers can pay it off over time with one monthly payment.For more information check out HUD's website
According to the latest housing data released by Florida Realtors®.
Sales activity and median prices for Florida’s existing home and existing condo markets rose in August 2011.
Existing home sales increased 15 percent last month with a total of 16,206 homes sold statewide compared to 14,131 homes sold in August 2010. The statewide median sales price for existing homes last month was $137,500, up 2 percent from the year-ago figure of $134,900. August’s statewide existing home median price was also slightly higher than it was in July.
“Over the past few months, it appears that home prices have been stabilizing in many local markets across the state,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “This is another positive sign that the housing recovery is gaining strength.”
FYI- The median is the midpoint; half the homes sold for more, half for less. Also,sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
In short, Sales higher in Aug. over year ago; home median price up 2%, condo median price up 12%. National existing sales up 7.7%
Working with Home Buyers I am often asked...
How are the schools in the area?
As a result of this frequently asked question, I now recommend to all my Buyers to visit Florida Smart and Great Schools before they move. It is a question that all homebuyers with kids ask and these two website will provide you with the school ratings and more...
Florida Smart website is http://www.floridasmart.com/education/index.htm
Great Schools website is http://www.greatschools.org/