The chances of finding lower-priced FHA foreclosures in Orlando are still great as the pace of foreclosure in the Orlando area continued to surge in the first quarter compared to one year earlier.
In addition, the percentage of FHA loan delinquency nationwide during the month of March was still high at 8.8 percent, despite slowing down from 9.2 percent in February. All of these delinquent loans were already in default by three months or more.
A Federal Housing Administration report also showed that there are now more than 6 million mortgage FHA loans all over the country, representing an overall total loan balance of more than $800 billion.
With these high rates of loan share and delinquency, the chances for people to be able to purchase foreclosed homes for sale from the HUD at lower costs are greater. They just have to go to the HUD website or find HUD-accredited home brokers and get information on how they can find listings of FHA foreclosures and later submit bids through the certified brokers.
The percentage of FHA loans being taken out across the country has been sharply rising because of the continuing efforts of the FHA to make borrowing easier and attractive. In addition to its very attractive 3.5-percent down payment requirement, which is far below the 20-percent required by many other lenders, the FHA has also promoted its loans for repairs and has temporarily suspended its anti-flipping rules and condo purchase restrictions.
These incentives have been pushing FHA home loan takeout to surpass roughly one-third of all home loans provided nationwide.
In the first quarter, the pace of Orlando pre foreclosures and foreclosure postings still surged year-over-year, but slowed slightly compared to the prior quarter. In Orange County, where Orlando is the administrative city, a total of 9,380 homes were notified of pre foreclosure, comprising nearly 88 percent of total filings in the county. County pre foreclosures also accounted for 7.1 percent of total pre foreclosures statewide.
The total number of pre foreclosures in Florida in the first quarter was 131,490, comprising 85.6 percent of total foreclosure filings in the state. This large number provides a great opportunity for buyers and distressed homeowners to look into short sales, in light of the incentives provided under the Home Affordable Foreclosure Alternatives program.
Additionally, buyers can also check out FHA foreclosures, which are offered first to owner-occupant buyers for a certain number of days and then later offered to investors and all other types of buyers.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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