Is 100% Financing Back for Central Florida Real Estate?

As many of you are aware, first time homebuyers are eligible for an $8,000 Tax Credit,. Upon purchasing Real Estate.  Rumors are swirling that the "credit" can be used by Central Florida Homebuyers as their down payment.

100% Financing could be back!

Since February 2009, home buyers have been able to claim a tax credit of up to $8,000 when they purchase their first home (over $80,000 with income qualifications on the buyer). This credit would be applied for at the next tax filing.

The Breakdown:

For an FHA buyer looking at a $200,000 home, the minimum down payment would be 3.5% or $7,000.  Buyers are then responsible for "closing costs" (all costs associated with the loan and issuing clean title).  As an ABR Specialist, my goal is to give my client arsenal when negotiating – first we would negotiate the "closing costs" into the loan (up to 6%).  This means you would pay these closing costs over the next 30 years.  With the closing costs wrapped into the loan, a first time homebuyer will bring $0.00 to the table!

The details aren't fully published, however it’s looking like the "credit" can be issued as a short term loan, paid when the credit is issued.

This is a pretty significant news the first time homebuyer market in Central Florida -which is heating up across the region.  Once the mainstream media takes hold of this wonderful "rumor" it will flood many ready willing and able buyers into the market, allowing the "volunteer move up market paradigm" to take fruition.

Lee Rosa is an ABR® Specialist in Orlando, Florida. You can search Orlando Homes for Sale at his website. Please feel free to call or email for more information about buying a home with no down payment and no closing costs.