August 1st, 2009 12:06 PM by Scott Bray
CENTRAL FLORIDA - Almost half of all homebuyers in Central Florida - 42.3% - paid cash during the first five months of 2009, according to recent figures from the Orlando Regional Realtor Association (ORRA).
ORRA’s information includes condominiums and single-family homes that buyers have been snapping up for as low as $70,000.
New conventional loans totaled just over 27% of all home sales during the period. FHA loans totaled 23.62% of all homes sold.
FHA financing is the most popular today 1st time Buyer program today because of the low 3.5% down payment. The maximum loan amount has been raised to $417,000, which will buy most homes sold in Central Florida.
Although this is Orlando, only 1.78% of the total homes sold in Central Florida was with the use of Veterans Administration financing. 0% down payment is only available to military personnel. Loan amounts can go as high as $417,000.
During the first five months of 2009, ORRA reported 7,834 home sales closed.