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Florida
First Time Home Buyer
Real Estate Market
Foreclosures
are starting to slow down in Florida and home sales are
 improving
which is stabilizing the their economy but prices continue to fall. The $8,000
first time home buyer credit, which has been extended until June 30th,
2010, has helped the market. In Miami, where more homes and condos were built
during the boom, is starting to recover as bankers take over the abandoned
developments. Overall, home prices will drop 15-25% for 2009 which is good news
for a Florida first time home buyer.
Special
Programs
The My Community
Florida First Time Home Buyer Program Opens Doors for a
Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse,
and Military Personnel.
This program features 3% down financing and you receive a $500 credit toward closing costs. Also, you can have use part-time or overtime income from last 12 months to qualify.
Florida First Time HomeBuyer FHA Program
FHA $100 down program is available if you purchase FHA foreclosure.
Please visit
FHA mortgage limits
if your Metro Area doesn't appear below.
| Metro Area |
Single Family |
2-Unit |
3-Unit |
4-Unit |
| Jacksonville |
$387,500 |
$496,050 |
$599,600 |
$745,200 |
| Fort Lauderdale |
$423,750 |
$542,450 |
$655,700 |
$814,900 |
| Tampa-St. Petersburg |
$292,500 |
$374,450 |
$452,600 |
$562,500 |
| Orlando |
$353,750 |
$452,850 |
$547,400 |
$680,300 |
| Miami |
$423,750 |
$542,450 |
$655,700 |
$814,900 |
| West Palm Beach |
$423,750 |
$542,450 |
$655,700 |
$814,900 |
VA Program
Zero down payment up to $417,000 loan amount
If you served during wartime for at least 90 consecutive days or
during peacetime for at least 181 consecutive days then you are
eligible for the VA Home Loan Program. If you are currently on
active duty then you are eligible for the program after 90 days of
active service. You are also eligible if you are on Reserve, as long
as you have served for at least six years, which can be
non-consecutive and in different branches of the Reserves. The
Reserve branches eligible for the VA Home Loan Program are Army
National Guard, Army Reserve, Air National Guard, Coast Guard
Reserve, Navy Reserve, Marine Corps.
Florida USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in
eligible county and there are maximum income limits. The income limit for
all non-high cost counties is $73,600. Ft. Lauderdale has $88,00 limit.
List of INELIGIBLE COUNTIES: Alachua, Bay, Brevard, Broward,
Charlotte, Clay, Duval, Escambia, Hillsborough, Indian River, Lee, Manatee,
Marion, Miami-Dade, Monroe, Okaloosa, Orange, Osceola, Palm Beach, Pasco,
Pinellas, Pork, St. Johns, St. Lucie, Santa Rosa, Sarasota, Seminole, and
Volusia.
Visit
USDA website to determine if a specific home is eligible for the program.
You will need full address with zip code.
Florida First Time Home Buyer Stats
| Average Home Listing Price |
$424,164 |
| Unemployment Rate |
11% |
|
Foreclosure rate-Port St. Lucie |
1 in 40 homes |
| Best Places to Live |
Lake Mary, Oviedo |
| Fastest Growing Job Market |
Healthcare, Social Assistance |
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