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Your Bi-Weekly Newsflash from
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A quick dash of news you need to hear
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| BofA out to make Jumbo Loans |
 Bank of America has cut interest rates on jumbo mortgage loans in the hopes of expanding its share of what the bank sees as an underserved market for loans too big for purchase or guarantee by Fannie Mae and Freddie Mac.
Not everybody will qualify for the 30-year, fixed-rate loans of up to $3 million that Bank of America has been offering at reduced rates since January, with interest rates currently in the high 5 percent range.
In order to qualify, borrowers will need strong credit (a 720 FICO score or above), down payments of 20 percent or more, documented income, full appraisals, and assets sufficient to cover six months of payments, said Bank of America product management executive Vijay Lala. Read on... |
| Existing Homes Outsell New Homes in 4Q |
 Existing single-family homes outsold new homes sales in fourth-quarter 2008, according to a new joint report by the Orlando Regional Realtor Association and Attorneys' Title Insurance Fund.
A total of 4,026 existing single-family homes sold in the fourth quarter, nearly three times the 1,429 new single-family homes that sold in the Orlando metropolitan statistical area. That compares with 3,961 existing single-family home sales and 2,585 new single-family home sales in the same period in 2007.
Association members sold 4,757 homes through the Multiple Listing Service, 87.2 percent of total 5,455 new and existing homes sold in the fourth quarter of 2008. In fourth-quarter 2007, 59.6 percent of all homes were sold through the MLS.
Read on... |
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3450 Buschwood Park Drive
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