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March 6th, 2008 2:37 PM by David W. Welch
The day I launch www.RealEstateOptimist.com my address just for blogging about Orlando Real Estate, I learn that the FHA limit for the Orlando market has been increased to $353,750. Big deal right? Right! All the 100% mortgages have dried up, and Florida has been rated a declining market. FHA and VA are now the only 100% vehicles for financing your next home here in the Sunshine State. I just closed one of these FHA deals last month, and my buyer actually got money back at the closing table. That is not going to happen every time, but you can at least get into a home for just about nothing.
The really big thing about the new limit is that 74% of all the homes listed in the MLS (19,861) can be purchased using an FHA loan. That means 100% financing is back. You do have to structure the contract the correct way, and you have to have a cooperative seller. Of course with 26,808 homes for sale in the tri-county area, I think you will be able to find a cooperative seller or two. If you need an agent who knows how to write the contract, just call me at 407-924-7670. I would be glad to sell any one of the 19,861 homes that qualify for this financing. I've got a few of my own listed at www.davidwelch.com/featuredlistings