87% of U.S. Home Buyers Qualify For Down Payment Assistance…

downpayment assistance programs… if they know where to look.

In Florida, the percentage of qualifying home buyers is as high as 97% in many counties, with an average range to the high 80’s to a low of 77%. This puts Florida 7th in the nation for the total number of down payment assistance qualifying homes.  Although, the percentage of qualifying home owners is just a single piece to the puzzle.

This data is based on the maximum price requirement for a county’s down payment assistance program, and the county’s estimated property values. There are over 2,200 down payment programs that have been found through the Down Payment Resource’s Home Ownership Program Index.

Major Findings:

* 91% of many down payment programs have available funds at this moment.

* The average down payment assistance amount across the state of Florida ranges around $11,565.

* 54% of down payment programs are Community Seconds, where the Housing Financing Agency (HFA), or a non-profit organization issues a second mortgage with a very low, or no interest rate. The payment on the second mortgage can sometimes be deferred or forgiven in increments for each year that the buyer remains in the home. In a typical situation, this could reduce the cash that is needed to close from $20,000 to only $400.

* Other major down payment program types include: First mortgage loans with 100% financing or below market interest rates, Mortgage Credit Certificates (MCC) that can provide up to $2,000 in annual tax credits for the life of the loan, and Neighborhood Stabilization Programs (NSP) grants and loans that were created to revitalize communities that have suffered from high unemployment, foreclosures, and other concerns that have slowed housing recovery.

* Many programs can be layered with each other and used with many other loan products, including FHA and VA home loans.

* 24% of down payment programs are available statewide rather than in specific counties or neighborhoods.

* Florida is one of the top states with the highest number of down payment programs.

Historically low home ownership rates across almost all of the age demographics have led to a public policy push in order to lower the barrier of home ownership through down payments as low as 3%, but the truth is, that particular barrier to home ownership is often quite lower for the borrowers who take advantage of the countless down payment assistance programs that are available nationwide.

If buyers are willing to put in a little time to find out what type of programs are available for them, they will be in a better position to buy a home with very little of their own money.

Give us a call if you would like more information on downpayment help in Tampa Bay, Florida. Please visit our website at www.tampa2enjoy.com.

January 2015 Statistics – Tampa Real Estate News

Take a look at the video about the latest Tampa real estate statistics for January 2015. This real estate market update will give you great insight as to what kind of market we are in. The data comes directly from My Florida Regional MLS. MFRMLS is the MLS provider for all Realtors in Central Florida.

Visit my website to get the most accurate MLS search in all Central Florida. I would love to help you with all your real estate needs.

Tampa Real Estate News – December 2014 Market Statistics

Above are the most accurate real estate statistics. The December 2014 data was taken directly from MFRMLS. The MLS provider for all real estate agents in Central Florida. If you have any questions please give me a call or send me an email.

2014 was a good year for real estate in the Tampa Bay area. Prices went up a little higher than the rate of inflation. This was mainly due to the low level of homes for sale in the market, opposed to a high demand of buyers wanting to buy. 2015 is looking at being an even better year as inventory will still be quite low and home prices should increase at a good rate as well.

Expect the home-purchase market to strengthen along with the economy in 2015. Here’s what Frank Nothaft (Freddie Mac‘s chief economist) had to say last month: “The good news for 2015 is that the U.S. economy appears well-poised to sustain about a 3 percent growth rate in 2015 – only the second year in the past decade with growth at that pace or better…”

If you are looking for the most accurate home search tool in all Central Florida – click here.

Tampa Real Estate News – November 2014 Market Statistics

Above is a screenshot video of the Tampa real estate market statistics for November. This information is pulled directly from our MLS in Central Florida. I pull all single family homes in Hillsborough County.

If you have any question about real estate in Tampa Bay, Florida please visit my website and give me a call.


Short Sale Tax Break Passes House – Mortgage Debt Forgiveness Act Extension

Flipping Real EstateThis is great news for all the home owners who have done a short sale in 2014. The Mortgage Debt Forgiveness Act expired f last year. But the U.S. House of Reps just passed a bill the will extend it through 2014. Check out the full story below.

Short-Sale Tax Break Passes House, On To Senate
A bill that would extend a key tax break to tens of thousands of financially distressed homeowners who sold their homes this year for less than they owed passed the U.S. House on Wednesday and is headed to the Senate for consideration.

A one-year extension of the Mortgage Debt Forgiveness Act, which expired Dec. 31, 2013, was included in the Tax Increase Prevention Act of 2014 and passed the House on Wednesday on a 378-46 vote. Dozens of other temporary tax breaks that expired but would get a reprieve until the end of this year under the measure include those for home energy improvements and mortgage insurance premiums.

But for homeowners who gambled this year and sold their home through a short sale, unsure about the tax ramifications, this is the one foremost in their minds, as it is for the housing market in general.”

If you have any question on selling your home through a short sale please give me a call. I have been doing short sales since 1999 and have worked with hundreds of people helping them.

Short Sale Tax Implications – Short Sale Tax Consequences – 1099 Cancellation of Debt

Home Selling Tips – Pictures

I did this “Home Selling Tips” video to tell home owners how important pictures are when selling a home. Of course it all starts with hiring the right Realtor. So I also go over a couple basic tips for making sure you hire a very good agent.

If you have any questions about selling a home please give me a call.

Tampa Real Estate News – August 2014 Statistics


Below is the transcript:

Hi everybody, this is Lance Mohr and I’m going to go over the Tampa real estate news and talk about the August real estate statistics. If you’re a buyer or seller and you’re needing help, if you have any questions whatsoever, don’t hesitate to give me a call, I’ve been in business since 1997 and have tons of experience. I’ve worked with thousands of home buyers and home sellers and I’ve seen about everything there is to see in real estate ten times over – so don’t hesitate to give me a call if you’re looking for someone to represent you as a buyer’s agent or seller.

So let’s get into the August statistics. I’ll start off as I always do and talk about the active listings first. As you can see, there’s really not much of a change. It did go up a little bit as there are a few more active listings. We went from 5,225 to 5,288 – not a really big increase. But the surprise is pendings, the pending sales went from 3,304 to 2,835. That’s almost 15% drop in one month. That’s a really big drop. So let’s go back to over to solds. Again, not a whole bunch has changed, we’ve gone from the July statistics of 1,390 homes that sold, compared to 1,414 in August. But what you’re seeing here, if you look at these statistics closely, is the pending and that’s a big drop. Generally speaking, June will be a little slow only because schools are getting out and August generally will be a little slower just because school is getting back in but May, June, July, August – those are generally very strong months in real estate and to drop almost 15% in one month is a lot. In the next month or two the solds are going to start dipping and they’re going to go from the 1,400’s into the 1,300’s and possibly into the 1,200’s. That’s because of how slow things are now. So what this is telling you is that the buyers are pulling back the a little bit and not really looking as much as they were.

If we go down to the bank owned and solds, you can see that 21% of all homes that sold were bank owned. That tells you sellers that buyers want a good deal. Now I’m not saying bank owned properties are a good deal or a great deal, I still think about 50% – 60% of all the banks have their homes overpriced. But it’s a perception of a deal. If we go over the statistics for August in the price range, you can see we’re still in the seller’s market across the board. If the seller puts their home for sale and they price it competitively, condition it so that it really looks good and market it so that it’s out there, it’s going to sell. It’s going to sell, whether it’s under $100,000, whether it’s under $250,000 or $300,000 – it’s going to sell. But once you start going over $300,000 (maybe even $250,000) it’s going to start getting a little harder to sell because there’s not as many buyers out there – not as many fish in the sea. But as you can see from these statistics, the Tampa real estate market is still strong. We’re still in a very good market and we’re still in the seller’s market; but we’ll what happens. I’m very curious to see what happens in September. Are the pending sales going to trend down and at what rate? As you can see the active homes are continually creeping up.

I hope this helps. Visit our real estate blog at www.tampa2enjoy.com/blog and you can see the Tampa real estate news, monthly statistics and a bunch of other terrific information. Have a great day and don’t hesitate to give me a call or send me an email if you have any questions.

The Real Estate Must-Haves No Buyer Should Overlook

Image of Real Estate for Sale in Tampa, FLIn the world of buying real estate, it is important to know what you are doing so that you don’t get taken for a ride. That is where a lot of research on real estate buying protocol comes in handy. Follow these tips to help you get a good deal when purchasing real estate and to avoid scams.

Determine if your desired property is in an economically viable area. Find out if property values in the area are rising or declining. Check with your city’s economic office about the recent history of income from the area. This can be a determining factor in whether or not the property will appreciate or not.

Take the time to investigate the inspector for your potential property. You should make sure that they are certified, work for a reputable company and if possible are with an inspector association that is non-profit. If not, their credentials may be supplied by a non-reputable organization that supplies them for nothing more than a fee.

If you’ve dreamed of having a vacation home, now is the time to buy. Home prices have gone down in popular vacation destinations like Florida, Las Vegas, and California, and so have interest rates. It sounds risky, sure, but as they say, you have to spend money to make money; and you can easily rent out your second house while you’re not using it. It’s definitely a good time to buy.

By searching for the best prices one can assure that they will be making the most of their money. Homes that have been foreclosed on can be found for attractive prices although more money may be needed to be invested in the home. Other homes can be bought for more but may require less money invested.

Potential buyers should be sure to get everything in writing. This is especially important when working with a builder, as options and upgrades which are verbally promised may not end up being honored. Make sure you have a knowledgeable Realtor that knows about new construction and a the local builders. This can help you to avoid frustration and confusion during and after your home closes.

One important tip when it comes to real estate is to make sure that you do your homework on what agent to choose. This is important because this may be the largest investment of your life and you need to make sure you are in good hands. Be sure to do background checks, read reviews, and try to find out their track record.

When you are moving, pack a suitcase full of things that you may need for a few days. Include things like clothing and toiletries. Keep this suitcase separate from everything else so that you can have easy access to things that you would need until you can get totally unpacked at your new home.

As you can see from the previous list of tips, buying real estate can be quite an undertaking even if you have done it before. It takes some work, research, and common sense to avoid making a poor purchase, but it is all worth it in the end to make a smart property purchase.

Please give me a call so I can help you with your real estate needs.