The shrinking supply of inventory in the national housing market is in the spotlight this month as fewer foreclosures are quickly creating increased demand among vying buyers and driving current prices up. A recent article from HousingWire (HYPERLINK) online discussed the impact this current supply shortage has on overall inventory and demand. For sales associates, [...]
Today, RealtyTrac released September and third quarter housing numbers for the nation. According to this report, South Florida’s recovering housing market is facing bleak news – an increase in Florida foreclosures This report ranks Florida highest nationwide in state foreclosure rates, the first time the state has topped the list since April 2005. Experts from the research firm [...]
LEARN HOW TO BID ON AND WIN YOUR DREAM HOME at our HUD WORKSHOP Exclusive to First Time Home Buyers The Federal Housing Administration (HUD) has one of the largest portfolios of the country. For real estate professionals and first time home-buyers, this represents a tremendous opportunity. The course is comprehensive and will highlight latest updates from HUD. [...]
Figures released Thursday confirm what homebuyers have been saying for months: There’s a shortage of South Florida foreclosures for sale. According to RealtyTrac, Broward County had 3,259 foreclosure-related home sales in the second quarter, down 31% from a year ago. In Palm Beach County, there were 2,966 foreclosure sales, off 15% from a year earlier. Daren [...]
Home prices in South Florida increased in June, which points to yet another indication that the housing market is rebounding from the six-year slump. Prices in Palm Beach, Broward and Miami-Dade counties rose 1.6% from May and 4.4% from a year ago, figures from the Standard & Poor’s/Case-Shiller home price index show. It’s the sixth [...]
According to analysts, the increase in Florida Foreclosures could potentially hurt home prices in the second half of the year. RealtyTrac.com confirmed Florida had the nation’s third-highest foreclosure rate last month, with one in every 352 housing units receiving a notice. Florida Foreclosures Florida Foreclosures filings are up 25,534 in July, up 14% from a year ago. Filings of Florida [...]
We have all heard the negative news lately about the real estate market and the glut of home foreclosures on the market. You may be thinking now is the time to take advantage of the low interest rates and purchase a foreclosed home. But the problem may be some of the foreclosed homes you have seen need a lot of repairs and improvements. You don’t have the cash to make these repairs. Well, there is good news and it comes in the form of the FHA 203K Rehab Loan.
When I refer to the FHA 203K Loan, I am referring to the FHA Streamlined 203(k) Limited Repair Program. It is for improvements and repairs that don’t require structural improvements. It is not for total renovation of a property but for repairs not totaling more than ,000. The FHA 203K Rehab Loan did have a minimun of ,000 costs of repairs, but that has been eliminated.
There are many benefits for using a FHA 203K Rehab Loan for improvements to a house you are planning on buying. Also, you can use this FHA Loan Program to refinance your existing mortgage and do repairs and improvement to your existing home.
Some of the benefits of a FHA 203K Streamlined Rehab Loan Are: