Orlando Mortgage Lender FBC Releases Year End Central Florida Mortgage Report for 2011
Orlando, FL – January 10, 2012 – (RealEstateRama) — Orlando mortgage lender FBC recently released their yearend Central Florida Mortgage Report for 2011. Based on all of the data 2011 may be viewed as the year the mortgage and housing market leveled out after years of steep declines. Home prices, excluding condos, are up 6% over the preceding 24 months, rates are at all-time lows, and incomes of home buyers is on the rise. Below is an additional list of highlights for 2011:
• Refinance business has picked up significantly over the past 6 months as rates dip below 4 percent.
• More than 50% of buyers are utilizing conventional financing to purchase their homes. Shifting away from FHA and VA.
• Credit scores for Florida home buyers averaged 734. Historically a very high number but in-line with the current national average.
• Borrowers are putting more money down on purchases. 2 years ago down payments averaged close to 10% today the average down payment is approximately 20%.
• Affordability index remains very high as evidenced by average rent and mortgage payments being within a tight range.
• Loan amounts averaged close to $155,000 up 7% over the past 24 months.
Going into 2012 we are optimistic that these trends we saw in 2011 will continue. We are also anticipating a large refinance boom as existing Florida Homeowners take advantage of the new HARP 2 program which fully rolls out March 2, 2012. “The dark cloud seems to have lifted and 2012 looks to start strong” stated Rob Nunziata, Co-CEO & President, FBC Mortgage, LLC.
* All of the data contained in the report is compiled from financed properties located in Orange, Seminole, Volusia, Osceola and Lake Counties and excludes condos and distressed properties unable to obtain financing.
About FBC Mortgage
FBC Mortgage, LLC is an employee and community owned retail mortgage banker affiliated with the Florida Bank of Commerce. Headquartered in Orlando, Florida, with branches across the State of Florida and Mississippi, FBC Mortgage lender provides low rates on home loans (FHA, VA, Conventional, USDA), construction and 203k rehab loans. The award-winning company also specializes in refinancing home loans. Visit us on the web at www.fbchomeloans.com or call us at 1-866-413-2563 to schedule your free mortgage consultation.
