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Orlando Mortgage Lender FBC Releases Central Florida Mortgage Report for May

Orlando, FL, July 05, 2011 --(PR.com)-- Orlando mortgage lender FBC recently released their Central Florida Mortgage Report for May 2011. All of the data contained in the report is compiled from financed properties located in Orange, Seminole, Volusia, Osceola and Lake Counties and excludes condos and distressed properties unable to obtain financing.

•Year over year purchase prices for financed single family residences decreased by 7.5% averaging $146,000. This is the lowest average price in the last two years.

•The average income of buyers was $6,200 per month-- 17% higher than last year.

•Rates continue to decrease, averaging close to 4.75%, nearly a quarter point drop from last month.

•Credit scores for home buyers averaged 735 for the Quarter, 20 points higher than Q1 2010.

•Down payments on FHA and Conventional loans were significantly higher than they were at this point last year.

•The average loan amount was $138,000, a slight decrease from last month and 5% lower than last May.

“Overall, the real estate market during the month of May was weaker than anticipated. Florida is still considered a declining market by Fannie Mae and other housing agencies, which is leading to stricter underwriting criteria than the rest of the nation and shrinking our eligible buyer pool,” said Rob Nunziata, Co-CEO/President of FBC Mortgage, LLC.

Nearly 60% of all home buyers in Central Florida are paying cash. This is a staggering statistic considering for the last 15 years it has averaged closer to 12%. With housing inventory at record low levels and rates close to 4.5%, they expected that prices would bump up—however this will not happen until underwriting guidelines are eased and more eligible buyers are able to obtain financing to purchase a home.

Based on financed transactions, FBC population size and sample size, FBC Mortgage, LLC believes the report has a 95% confidence level.

About FBC Mortgage, LLC:
FBC Mortgage, LLC is an employee and community owned retail mortgage banker affiliated with the Florida Bank of Commerce. Headquartered in Orlando, Florida, with branches across the State of Florida and Mississippi, FBC Mortgage lender provides low rates on home loans (FHA, VA, Conventional, USDA), construction and 203k rehab loans. The award-winning company also specializes in refinancing home loans. Visit us on the web at www.fbchomeloans.com or call us at 1-866-413-2563 to schedule your free mortgage consultation.

Contact Information:
FBC Mortgage
Stephanie Simmons
407-377-0327
ssimmons@fbchomeloans.com
http://www.fbchomeloans.com

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