We got some good news last week regarding FHA mortgages. The loan limit for FHA financing was raised to $353,750 for most of Central Florida. One of the biggest benefits for buyers obtaining an FHA loan is the down payment required is only 3.5%. Most conventional loans are requiring at least 10% down, but 20% in many cases. Raising this limit will allow more buyers to get into a new home.

In College Park last week four properties went under contract. They were listed between $225,000 - $649,000.

Average mortgage rates rose last week to 5.07% on a 30 year fixed and remained the same at 4.68% on a 15 year fixed. (These rates do not include add on points)

CLOSED SALES: 2/23/2009 - 3/1/2009
103 E KING ST: 4/3 - 1,627 sq/ft - $163,000 *BO
4307 EDGEWATER DR: 2/1 - 999 sq/ft - $75,000 *BO
1437 YATES ST: 3/2 - 1,071 sq/ft - $160,000
611 BRYN MAWR ST: 2/1/1 - 1,126 sq/ft - $122,500 *BO

*BO = Bank Owned

OTHER MARKET ACTIVITY: 2/23/2009 - 3/1/2009
New Listings: 10
Pending Sales: 4
Price Reductions: 30

PRESENTLY ON THE MARKET: 3/1/2009
Active Listings: 284
Under 100K: 10
100K - 199,999: 52
200K - 299,999: 89
300K - 399,999: 40
400K - 499,999: 21
500K - 599,999: 14
600K - 699,999: 28
700K - 799,999: 6
800K - 899,999: 6
900K - 999,999: 3
Over $1,000,000: 15
Total Pending Sales: 20

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.