Archive for the 'What If Realty News' Category
Gov. Crist signs order freeing $571 million for buyers and developers
Related Posts: Credit & Finance, Government, What If Realty News
hiTALLAHASSEE, Fla. – Oct. 3, 2008 – Trying to take the offensive in an economic crisis, Gov. Charlie Crist signed an executive order Thursday freeing $571 million in state-backed financing that real estate developers and reluctant buyers can tap to build and buy new homes.
The state will float tax-exempt bonds, backed by Florida’s gold-standard rating on Wall Street, to provide developers a line of relatively cheap credit. The hope is they’ll start building homes and apartments again soon.
Also, homebuyers can use the state-backed financing to get low-interest loans through the Florida Housing Finance Corporation.
“There’s more capital available … that wasn’t available just a few weeks ago,” Crist said of Thursday’s action. “The people of Florida are having a hard time getting loans. This is a place where they can get loans at a lower rate.”
At the governor’s mansion Thursday, Crist paired the $571 million capital program with $541 million in anti-foreclosure money coming into Florida from the federal government, thanks to the Housing and Economic Recovery Act passed by Congress and signed into law by President Bush in July. Taken together, more than $1 billion is being made available to aid Florida’s struggling economy, the governor said.
The bulk of the $541 million in federal money will go to local governments in metropolitan areas hit hardest by the long real estate slump, including South Florida and Orlando.
The money, expected sometime next year from the U.S. Department of Housing and Urban Development, will help the Florida Real Estate market and will be used to buy foreclosed properties and rehabilitate them, said Department of Community Affairs Secretary Tom Pelham. Money also will be available to low- and moderate-income home buyers for help with down payments and closing costs, he said.
Copyright © 2008 South Florida Sun-Sentinel, Josh Hafenbrack. Distributed by McClatchy-Tribune Information Services.
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CONDO INSURANCE FYI !
Related Posts: Government, Real Estate News, What If Realty News
hiSince 2004, Florida’s Condominium Act has required unit owners to maintain hazard insurance on their units - separate and above the hazard insurance on the common areas paid for by the condo association. HB 601 provides condo associations a way to enforce These insurance standards by requiring unit owners to provide proof of insurance every year. If a unit owner fails to provide a certificate of insurance, the association may purchase insurance on the owner’s behalf and assess the unit owner for the cost of the insurance. This effects all Florida Real Estate. Download it in PDF format at http://laws.flrules.org/files/Ch_2008-240.pdf,
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Americans will need Credit Repair over the next 7 to 10 years
Related Posts: Credit & Finance, Real Estate News, What If Realty News
hiThis credit situation is a mess. As credit get tighter on the folks the credit scores will suffer for no good reason in many cases. In addition, bankruptcies, foreclosures and just plain delinquencies will stay on the report for as long as 7 years if not dealt with. That means that folks who have been struggling for a few years and then fall into default will have a long uphill battle coming back. We do not recommend any organization only try to guide you to sites that can give you information about the players. This is one http://www.creditrepairreviews.net/?gclid=CNPe0KzeqZUCFRpknAodPkt9lA with more to come.
Here’s a guide that can help explain the impact of your score:
720 - 850 - Excellent – The best financing terms and represents the best score range
700 - 719 - Very Good – qualifies to receive favorable financing
675 - 699 - Average – will qualify for most loans
620 – 674 - Sub-prime – May qualify but will pay higher interest
560 – 619 - Risky – Might have trouble getting a loan
500 – 559 - Very Risky – You need to work on improving your rating
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New Overall Fixed Rates with 1 year ARMS at 5.03%
Related Posts: Credit & Finance, Real Estate News, What If Realty News
hiFreddie Mac reports a decline in the 30-year fixed mortgage rate to 5.78 percent during the week ended Sept. 18 from 5.93 percent the prior week, marking the lowest level in seven months.During the same period, the 15-year mortgage rate dropped to 5.35 percent from 5.54 percent.
Meanwhile, interest on five-year adjustable mortgages slipped to 5.67 percent from 5.87 percent; and the one-year ARM slid to 5.03 percent from 5.21 percent.
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Know what the FHA can do for you!
Related Posts: Credit & Finance, Real Estate News, What If Realty News
hiAn FHA loan or FHA refinance mortgage allow for the purchase or refinance of a home with a low down payment. They’re great for home owners, buyers and especially the first time home buyer. Check them out at http://www.fha.com
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