Home talk with Brenda Kolbrich & Tracy Canning

Brenda: This is just an amazing buyer’s market with prices and interest rates at record lows. Mortgages are often less expensive now than what it costs to rent a home. And in the zip code of 32828, qualified buyers can still do 100 percent financing with the USDA loan. Tracy, what has been your experience with buyers qualifying for this type of loan and the cost of mortgages with this loan?

Tracy: To qualify for a USDA loan, the buyer must have a minimum 620 credit score, max household income of $74,000 for up to a four-person household and property must be East of Woodbury Road in Waterford Lakes. All of Stoneybrook, Eastwood and Avalon are eligible. There is no monthly Private Mortgage Insurance (PMI), and it is the only “true” 100 percent, no-down-payment financing available. This particular loan is perfect for schoolteachers, police officers, firefighters and other public service professionals.

Brenda: And this loan won’t be around for much longer, so now is the time to take advantage if you qualify. So many sellers who had to short sell or foreclose on their homes are looking to rent but some buyers who had done a short sale two years ago are finding they can get approved by a lender and can buy a home for less than they can rent one for. You just had a buyer who was able to improve their credit score after a short sale and is now looking to purchase a home. How is this going and how was their credit affected?

Tracy: Experiences will vary, but this particular buyer has worked hard on moving her credit score to the high 600s and will be able to qualify for an Federal Housing Administration loan. According to FHA guidelines, qualified buyers can purchase a home as little as two years after short selling their previous property, requiring only a 3.5 percent down payment.

Brenda: There are only 60 properties for sale in Avalon Park per the Multiple Listing Service. There are usually 80 or more properties for sale in Avalon, and this number has been well more than 150. There are 70 homes waiting to close, and 63 have sold and closed since July 1. Stoneybrook East has 25 homes for sale, 16 pending and 12 have sold since July 1. Eastwood has 27 homes for sale, 16 pending and 19 have sold since July 1.

Tracy: With the low inventory and interest rates still around 4 percent, it’s not surprising homes are flying off the market. We have several townhomes now in Avalon Park that are priced at or less than $100,000. And with rentals hard to find for those who need to sell, now is a great time for investors to purchase and obtain a rental property or two.

Brenda: Whether you are buying or selling/short selling, it is so important to have a realtor to walk you through the buying process and the short sale process. It takes a very experienced and diligent realtor to get the home you want and/or to sell your existing home in this market.

Tracy: I have my Certified Distressed Property Expert designation and have gone through extensive training on working with buyers and sellers and distressed properties, i.e. short sales and foreclosures. As Brenda mentioned, it is so important to use an experienced agent and an agent that works real estate as their full-time job.

Brenda Kolbrich can be reached at 407-963-6876 or [email protected]

Tracy Canning can be reached at 407-484-7978 or www.tracycanning.com