Banks Easing Loan Requirements for Condos
January 8, 2010 by Perry Corneau · Leave a Comment
Much of the reason for the current over correction in condominium prices has been the lack of available lending due to tightening of lending guidelines for condominiums. I was recently quoted in an article titled Condo groups in financial pain which appeared in the Sarasota Herald. It now looks like Fannie Mae may have figured out [...]
ShareMortage Rates Near Lowest
October 9, 2009 by Perry Corneau · Leave a Comment
The thirty year fixed-rate mortgages have dipped to nearly the lowest level on record. The fixed-rate is currently at 4.87 percent which is just above the record low of 4.82 percent. Similarly, the 15 year rates is now at 4.33 percent. Rates like these should encourage many to enter the market. International [...]
ShareFirst Time Home Buyer Credit
February 19, 2009 by Perry Corneau · Leave a Comment
Under the recently passed $789 billion economic stimulus package first time home buyers may receive a tax credit equal to 10% of the homes value up to a total of $8,000. Buyers who have not owned a home during the past three years are also eligible for this tax credit. Unlike previous programs, this tax [...]
ShareMortgage Rates
February 18, 2009 by Perry Corneau · Leave a Comment
This week long-term mortgage interest rates have dropped. The average interest rate for a 30 year fixed rate home loan fell to 5.16 percent. That is down from the average of 5.25 percent last week. Interest rates charged on 15 year loans have also seen declines from 4.92 percent to 4.81 percent. Current rates are down and [...]
ShareBank Owned Developments
February 3, 2009 by Perry Corneau · 1 Comment
The current economic climate is creating many wonderful opportunities. Currently there are many available bank owned properties suitable for future housing development. These properties consist of multiple housing lots that are available in partially developed neighborhoods. With the credit crunch banks have refused to renew short term loans that had been given [...]
ShareFlorida Mortgages
November 25, 2008 by Perry Corneau · 1 Comment
Contrary to what you may have heard, money is available for Florida mortgages. Current rates are attractive and so are the prices. Thirty year fixed rate mortgages up to $417,000 are available for 5.625%. One hundred percent VA loans are available for 5.75% with no P.M.I.
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Foreign National Lending
November 19, 2008 by Perry Corneau · 2 Comments
Recent changes in lending practices have added some complexity to the loan process for foreign nationals. It is important for any foreign buyer desiring to purchase Florida Real Estate to work with professional brokers who are familiar with the process. Because banking institutions have been caught with so many bad loans they have raised the [...]
ShareSarasota Real Estate Deals for Cash
September 22, 2008 by Perry Corneau · Leave a Comment
The days of easy mortgages are gone for a while and once again cash is king. The banks tightening of lending standards has created some very nice opportunities for cash buyers. The market is showing some sure signs of improvement. As the recent take overs of Fannie Mae and Freddie Mac settle in the credit market will loosen and people will return [...]
ShareFinancial Markets Woes May Bode Well For Real Estate
September 15, 2008 by Perry Corneau · Leave a Comment
The financial market uncertainty as typified by recent bank failings, sale of Merrill Lynch and bankruptcy of Lehman Brothers may send some investors back into real estate investments. Great deals can be had in the real estate market right now and the trouble in the financial markets are exerting some downward pressure on mortgage interest rates which [...]
ShareMortgage Forgiveness Debt Relief Act
February 25, 2008 by Perry Corneau · Leave a Comment
On December 20th, President Bush signed into law H.R. 3648 otherwise known as the Mortgage Forgiveness Debt Relief Act. Prior to this if a homeowner were to sell their home for less than the amount of the mortgage and the difference were forgiven by the lender, the amount of the forgiven debt would be taxable. [...]
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