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Are Florida Home Loans Becoming Easier to Get?

Are home loans finally becoming easier to get for South Florida buyers? If so does this promise higher sale prices and faster sales for distressed homeowners too?

According to the most recently quarterly survey by the Fed, loan officers at American banks report loosening credit standards for the first 3 months of 2012. So is subprime on the way back?

Unfortunately not anytime soon. While demand for all types of loans is picking up and lenders are being forced to work harder to compete there are still many challenges. As mortgage demand picks up banks are saying they are having a hard time keeping up with processing requests. This hopefully means more jobs but borrowers need to leave themselves plenty of room in their specified closing date. Home buyers may be able to demand better terms if they have good credit but with concerns about having to buy back defaulting Freddie Mac and Fannie Mae loans lenders are still cautious about who they loan to. There has also been a lot of talk about how the government has actually made it more expensive for low income borrowers to obtain loans recently.

However, those with credit issues from the past few years will be happy to find rebuilding their credit a lot easier as banks report the most loosening of standards among car loans, credit cards and business loans.

What about the sellers? While easier borrowing may have some Floridians thinking they will be able to get more for their homes faster and things are already improving quickly in Miami it is clear that most won’t see their home values rebound fast enough to beat foreclosure. It is also essential for Florida homeowners to remember that both the Mortgage Forgiveness Debt Relief Act which offers tax breaks for those doing short sales and programs like Bank of America’s which offers up to $20,000 in relocation assistance expire later this year. This means a potentially massive financial hit for those who drag their feet when it comes to getting help to short sale their homes.

How the Media is killing the Real Estate Rebound

Despite record real estate figures being posted in many South Florida communities, the media seeking sensational headlines and publishing statistics weighed down by other regions which may not be performing as well yet are causing major confusion for homeowners and home buyers. Worse, instead of highlighting the double digit improvements in home sales volume, price […]

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