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April 23rd, 2010 4:10 PM by David W. Welch
I think we are seeing a little push as the tax credit deadline looms. The number of active listings is down by about 200 from the beginning of the month, and the number of pending sales is now topping 10,900. Some buyers are even putting their hopes in short sales with the number of active short listings dropping a bit to below 5,900 while the number of pending shorts is over 6,500.
If you are thinking of taking advantage of the credit, you must be under contract by the end of this month. You must close that deal by the end of June. First time buyers may qualify for up to $8,000 and repeat buyers may be able to get up o $6,500. Repeat buyers often ask if they have to sell their current home to qualify, and the answer is no you do not. You just need to make the new home your principle residence. First time buyer or repeat buyer, your time is running out to take advantage of this tax credit.
This just in from Jeffrey Sachs at FBC Mortgage: "Great News for conventional mortgage financing options. We can now go to 95% on a primary residence with a 680 credit score and 90% on a Second home with a 720 credit score. Valid credit score required (3 trade lines with at least a 12 month history that are no older than one year). Only single family homes (No duplexes, townhomes or condo’s). Good on loan amounts up to $417,000".
David Welch Real Estate Optimist, Orlando Real Estate