The best action to take is to get a prequalify letter showing what your line of credit is so you only look at homes within your budget. Your down payment funds will aid you in getting a better interest rate. A good credit rating is also to your advantage. Once you have the letter, call or email me your budget and I can search the mls to see what is actively available.

Prices are very good for buyers so I'm sure that will make you happy.

monikadepalo@adamscameron.com
WEB=http://www.monikadepalo.adamscameron.com/

Your main obsticle may be, as you put it, underemploment. Today's lenders are looking for stability in employment as an important piece to their criteria for approval. So if you are changing employers, it probably would be best to do this sooner than later. Transferring and staying with the same company would be most desirable.

Working backwards from the incentive deadline of November 30, 2009, you should probably plan on finding and going to contract by mid October in order to be able to close in time to take advantake of this program.

Good luck
The Eckler Team

Bostonborn,

Your chances are " wicked good" as long as you qualify for a loan. That will require a job. The deadline for the first time homebuyer tax incentive is Dec 1st. So you need to be CLOSED by then. So I would suggest you start soon.
Realtor Rick.

Bostonborn,
In a word EXCELLENT! or in New England parlance " Wicked" good chance. Condo's are in huge supply. If condo is the way you are going to go you need to be sure ( if you go FHA only 3.5% down)it is on the Approved list.
Most important is to be Closed by Dec 1st, So you should start looking as soon as possible as most loans are taking 40 to 45 days to close.
Hope this helps.
Realtor Rick.

There are an adequate number of homes here under $50k, but with your "underemployed" situation and Florida residency rules, it might be better for you to consider a rental the first year you come to Florida with the aim to purchase within a year. At all costs, hold on to that down payment for your first home. If you are interested in the Poinciana area, take a look at our "Hot Deals" tab at http://www.PoincianaHome.net. Also, check-out our "Buyer's Helpline" at http://poincianahome.typepad.com/blog/help_for_buyers.

BB:

The first issue to consider is that since you are currently living in Boston and don't have a job in Orlando yet, the lenders will see you as an investor or vacation home buyer and not a resident. That might make the loan more difficult.

If you were able to get a letter from your company that they are transferring you to Florida then you may qualify for even an FHA at 3%.

Assuming we find you a small place for 40K, you will need 8K for down payment and about 3K for closing cost. We might be able to get the seller to pay for part of your closing cost. But how confident are you that you may find a job once you move down, to keep up with the mortgage?

Here is a sample of condos in foreclosure now available:
http://mfr.mlxchange.com/Pub/EmailView.asp?r=1959329531&…

Take a minute to read my blog on the "Kissimmee market condition" and give me a call to go more in detail about your situation.
http://www.trulia.com/blog/antonio_vega-pacheco/

Tony.Vega@ColdwellBanker.com
407-791-9086 http://www.SearchKissimmeeHomes.com