The FHA just reduced the amount of financing they will provide, now it is $271,050. for homes purchased in Lee County, Florida (where Pine Island is located). This applies to loans closed after October 1, 2011.
Still, there are more than 87 homes (and about 1/2 dozen duplexes) priced below $280,000. on Pine Island. With only a 3.5% down payment required, most of these homes will qualify for FHA mortgage financing.
Also, many people think that FHA is just for first time home buyers. It is not. Any home buyer of a home for his or her primary residence, who also meets the guidelines from my last blog post (US Citizen or alien resident, credit score 640+, not too much debt) may qualify for FHA financing, so long as they do not have another FHA loan.
So if you are thinking of relocating or retiring to Pine Island to enjoy the wonderful Pine Island lifestyle, remember there are affordable homes with affordable financing options here on Pine Island! For more information on Pine Island homes, contact me, Erika Foye, real estate broker for All Island Realty, Inc. at erikafoye@embarqmail.com.
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