Orlando Real Estate Update 06/04/09

HUD: Tax Credit Can Be Used on Closing Costs - FHA-approved lenders received the go-ahead to develop bridge-loan products that enable 1st time buyers to use the benefits of the $8,000 federal tax credit upfront to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans can't be used to cover the minimum 3.5 percent down payment on a FHA loan.

The first-time homebuyer tax credit is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Gov. Crist signs Fla. Growth Management Bill- A growth management bill supported by business & development interests but opposed by environmentalists & local governments became law with Gov. Charlie Crist’s signature. Crist said he hopes the bill (SB 360) will boost Florida’s sagging construction industry & create new jobs by making it easier to build in urban areas & extending the life of existing development permits for 2 years. Other provisions are designed to promote affordable housing development.

Gov. Crist also signs sweeping Insurance Bill-Gov. Crist signed legislation that will start Florida back on the path to higher property insurance premiums. HB 1495 gradually ramps up premiums for policyholders in the state-run insurance pool to put it back on more solid footing. The bill allows Citizens to gradually raise rates by 10 % per year until they are considered actuarially sound.

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