Just when you thought you understood the FHA condo financing guidelines, HUD steps in and changes things all over again. And, there’s both good news and bad news for buyers, sellers, investors and developers alike in the latest revisions. The new rules – which HUD says are temporary – are set to begin on December 7th and run through the end of 2010.

Here’s a summary of the major changes to the guidelines:

• HUD amended the previously controversial requirement that at least 50% of the units in a project must be sold before FHA could insure loans for new buyers on individual units. Under the new rule, FHA financing will now be available in projects where at least 30% of the existing units have been sold.

Continue Reading Revised FHA Condo Rules – HUD Relaxes Some Guidelines, Tightens Others

Tags: FHA, HUD, mortgages

For the first time in 2009, new foreclosure filings fell in the third quarter for Lee and Collier counties in Southwest Florida. In fact, in September new foreclosure filings reached their lowest level of the year.

For Lee County, there were 13,206 new filings from July to September, down 5.19% from the second quarter and 2.19% below the third quarter of 2008. In September, there were 1,584 filings for the month, down from 1,625 in August and 2,447 a year ago.

In Collier County, there were 2,997 new filings, down 15.65% from the second quarter and 4.49% below the third quarter of 2008. In September, there were 1,068 filings for the month, down from 1,138 in August and 1,310 a year ago.

Continue Reading Southwest Florida Foreclosure Filings Fall in Third Quarter 2009

Tags: foreclosures, markets, real estate

After a unbelievable first eight months of the year, real estate sales in Southwest Florida were again strong in September. In fact, home sales for the year are up 120% in the Cape Coral-Ft. Myers and up 30% for Bonita Springs-Naples. September marked the fifteenth month in a row sales have climbed in both Lee and Collier counties. The Cape Coral and Ft. Myers market area saw total sales rise over 57% on a year over year basis and the Bonita Springs and Naples market area was far behind, up 31%.

Cape Coral and Ft. Myers Real Estate

Cape Coral and Ft.Myers Highlights:

• Single-family home sales were up 64% and totaled 1,185 sales.
• Condos sales were up 57% and totaled 230 units.

Continue Reading Florida Real Estate Sales Strong Again in September

Tags: real estate, sales, SW Florida

After months of wrangling by Congress and the White House, the $8,000.00 First-Time Home Buyer Tax Credit has finally been given the go ahead for extention. And just to make things interesting, our esteemed leaders in Washington added a twist; all homebuyers who have been in their homes for at least five years can now also get a $6,500.00 when they sell their homes too.

Under this extension, the program will have some new guidelines also. Here is a synopsis of the new changes and requirements.

First Time Home Buyer Tax Credit

• The maximum tax credit remains $8,000 ($4,000 for married individuals filing separately), and anyone who has not owned a home within three years is considered a “First Time Home Buyer.”

Continue Reading Another Go For The First Time Home Buyer Tax Credit

Tags: legislature, mortgages, new laws, real estate