[sunrico90]

Originally Posted by Mike Peterson

It depends which county you are in.

Some countys have the first time home buyer bond money available only for extremely low income people.
The program will be re-funded around August or so, from what I hear, for all first timers.

I think it could boost it up a little and with some areas seeing a little bit of action lately, every little bit helps.

Can you provide info on how the program works? Website?

Can this be a positive tools for new buyer with low income?

What is the determining factor for low income?

[Mike Peterson]

Originally Posted by sunrico90

Can you provide info on how the program works? Website?

Can this be a positive tools for new buyer with low income?

What is the determining factor for low income?

Even though they are federally funded each county has their own criteria and as such a person would need to go to the housing authority website for that particular county.

In some counties you can get up to 20% of the purchase price from these grants so it is a very big help for some.
This grant does need to be paid back but not for 30 years or when you resell the home, which ever comes first.

The low income guidelines are determined by each county based upon the median income for that county.

[sunrico90]

Originally Posted by Mike Peterson

Even though they are federally funded each county has their own criteria and as such a person would need to go to the housing authority website for that particular county.

In some counties you can get up to 20% of the purchase price from these grants so it is a very big help for some.
This grant does need to be paid back but not for 30 years or when you resell the home, which ever comes first.

The low income guidelines are determined by each county based upon the median income for that county.

Thank you for the info, this can benefit many....

[sunrico90]

This link provide info to many programs:
http://www.flhousing.org/pdf/funding.pdf

Main site for Florida Housing Coalition:

Welcome to the Florida Housing Coalition


Escambia:
Escambia County Housing Finance Authority

Hillsborough county
Housing Finance Authority of Hillsborough County

Pinellas
Housing Finance Authority of Pinellas County

[Mike Peterson]

Originally Posted by sunrico90

Thank you for the info, this can benefit many....

Anyone that is interested in these programs needs to keep in mind there are classes to take to be eligible.
They just need to plan extra time for this.

[Jammie]

Destin, Florida (FL) Detailed Profile - relocation, real estate, travel, jobs, hospitals, schools, crime, news, sex offenders

Here is something interesting that City Data has just added to the detailed profiles of cities.

If you scroll down a bit, you'll see the spot where you can look up how many homes and the cost of homes that were sold in your area. Not sure if it's the same link, but I also found a spot where CD has a chart of the cost of homes for the past 6 years or so. Quite interesting how low they were back in 2002. After the spiraling, the drop looks insignificant if you compare the cost from just a few years ago.

[carolac]

A young man in my office just took advantage of this for his family. They were eligible as they had never purchased a home before, attended some classes on home ownership and then bought a nice home within their budget.

Originally Posted by Mike Peterson

Even though they are federally funded each county has their own criteria and as such a person would need to go to the housing authority website for that particular county.

In some counties you can get up to 20% of the purchase price from these grants so it is a very big help for some.
This grant does need to be paid back but not for 30 years or when you resell the home, which ever comes first.

The low income guidelines are determined by each county based upon the median income for that county.

[NY62]

Originally Posted by Wild Style

I was trying to find these two articles I posted some time ago but cant. Basically they showed that long island is already taking huge hits. There was one home they mentioned as a example on the north shore that was on sale for 750,000 initially. No buyers they dropped down to 500,000. A year later and the largest bid they had so far was 300,000.

They then moved into queens with the story and talked about how homes are just sitting, not selling. Some people figured their homes would sell and just moved down south first with out selling their NYC home. THey were now over extended severely. As I have said many times, I think two problems are going on in NYC. First is, sellers are out of touch with reality. Homes are not selling yet sellers are trying to hold out on price (just like it was when it first got started in Florida). The second is I think the media is skewing information intentionally. Back in the 90s home prices in NYC fell by as much as 50%, I think it will be a even bigger drop this time, NY is just a bit behind the curve.

50% i bought in the 90s no way was it 50 % . sorry I am here and i live it you are reading it. that house on the north shore , where was it? if it was worth 750 it would have sold at 500 no problem.

[Wild Style]

Originally Posted by NY62

50% i bought in the 90s no way was it 50 % . sorry I am here and i live it you are reading it. that house on the north shore , where was it? if it was worth 750 it would have sold at 500 no problem.

1. I am from Brooklyn NYC born and raised

link

link

The second link is better, it has a plethora of information from back then from the 80s all the way up to the 90s and yes in many places in the tri state area including NYC, prices fell back as much as 50%. In some places the drop was even more, depending on how over inflated the homes where. NYC is not immune.

Back on topic though, I like that you mentioned with things getting worse in the north east, sales will slow even further in Florida. The outcome doesn't look pretty no matter which way you cut it.

As for the long island info, I would have to dig to find where I posted it before and I am not up for that. You can do a search, I think it might come up. It was a article written in the NYT about a month ago if that helps.

[fof5]

You guys/gals are trying to use a comparison from almost 3 decades ago,sorry it's not that simple nor does it work like that,It should be so easy to pull up charts and stats and come to the conclusion if it happen 20,30 years ago expect the same..so many more variables come into play now.

Everything is diffrent now,take the markets,back then was easier to predict not so anymore,thanks to internet and millions and millions who use online brokers Scottrade,Etrade etc,then you toss in ETF's which started in 93 and now there are hundreds of them a basket of stocks,he or she panics now with a little market correction and instead of selling a particular stock,one push of a button and they sell 75,100,150 or more all at once.

Then you talk about inflation,well guess what oil prices now are still LOW inflation ajusted,price of gas should be much higher then we pay,so to try and say well this happened then so I expect this to happing again this time around,wouldn't be very prudent.