Delinquent loans: In 2008 only about 1% of all loans nationwide were delinquent. The reports this month show that 12% of all home loans nationwide are now delinquent. Even worse, over half of those homes are now vacant. Numbers can always be twisted, and I would suggest that we all take this into account before placing too much weight on statistics until we see the whole picture. Many of the owner occupied loans that are delinquent are actually loans obtained by investors with some creative loan application work. By the time the numbers are truly untwisted, the mortgage crisis will probably have become an afterthought on the NEWS scene. It is perhaps best summed up by the fact that there are different types of help needed for different types of home owners. Hopefully the most legitimate needs are being resolved first.
The $8000 credit: Yes it is available. I know a local CPA that has filed several amended returns for 1st time buyers. They can get it this year or next. He does caution that based on your tax withholding your refund may vary. He further states that it is important to look at your overall tax strategy when you are preparing to file for it. Sound like good advice to me. Can it be used for down payment on a home? Not in Florida as of this morning. It appears that the state of Missouri has taken the lead in this area, so if you are looking to buy in the "Show Me State", your path to success got a little easier. Can it be used for closing costs? As a practical matter, Not in Florida as of this morning. It has been announced that it can be used, but none of the more than 60 lenders I can work with have implemented the method into their systems. There are apparently some issues regarding who will be left to wait for their money as opposed to receiving it at closing. Hopefully there will be a workout soon that will allow buyers to use it for down payment and/or closing costs soon. This could really move the market.
Is It a great time buy! Absolutely!
How about refinancing? YES !
Did I miss the boat on great rates? Not necessarily
Recent increases in interest rates has some feeling as if they "missed their chance". I beg to differ. Year over year interest rate averages for most, if not all loan programs is significantly lower. We are still very near historical lows for interest rates. Finding the bottom is not a precise method and there will always be some that hold out for the lowest rate, and end up with a rate a little higher than they were offered at some point during their "shopping". We may never get to the 4% that many were hoping for, but a rate below 6% would be considered FANTASTIC in most years. The fact is that many people would benefit from today's rates even if they are a bit higher than a few weeks ago. If you feel that they will go even higher in the months ahead, this is the bottom for you. Rates vary based on credit score, debt to income ratio, loan to value ratio, occupancy, and program. "What's today's rate" is something that cannot be determined without knowing the details of the transaction. It is safe to say that using a mortgage professional is the best way to set proper expectations for mortgage planning. I would be happy to expand upon these thoughts, just send me your questions.
A boat trip down the intracostal waterway that separates the mainland from the Daytona Beach peninsula will provide an opportunity to visit the disappearing island. It is Located at Ponce Inlet, which is the waterway that leads out to the Atlantic Ocean. When the tide is out, this sandy island is the home of families and friends that have chosen to drop anchor for the day. Picnics, frisbees, and "beverages" are everywhere. It is a great place to spend a day in th esun.
As the tide comes in, the island slowly disappears below the level of the water. This presents a surreal vision of dozens of boats anchored with hundreds of people standing knee deep in the middle of a vast river. The tide varies from day to day, and week to week, so it is never the same experience twice.
It is one of the great amenities of this part of Florida, and only accesible by boat or jet ski. With Florida real estate much more affordable than in recent years, there are great opportunities to purchase a home near this unique island.
For more information on Daytona Beach Real Estate visit my website.
I am out at an open house in Venetian Bay, located in New Smryna Beach FL, just south of Daytona Beach. It is a beautiful community with several neighborhoods in one giant subdivision. 2 Of my listings are in the Tuscany Reserve, which is the exclusive gated section of Venetian Bay. Breathtaking homes at fantastic prices, far below the prices from the height of the market.
4-5 bedroom homes ranging from $399,000- to just under $1 million, with incredible upgrade packages. 2600 sq ft to 4600 sq ft. The diverse interior of these fabulous homes make it likely one of these homes will captivate almost any buyer. For more information, visit the featured property section of my website.
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Real Estate Agent and Loan Officer in Daytona Beach Florida. A trusted full service professional for all of your your real estate consultant and mortgage specialist needs. One Stop Shopping.
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