Buy a Florida Foreclosure?

Tiny House via Re-NestRead Real Estate News updated daily.Visit our website @ www.flhotproperties.com On the left sidebar, find links to useful local and industry sites.Find out what's happening in real estate!According to the Miami Herald, in the last three months of 2008, one in five Florida home loans were one month or more past due, the highest delinquency rate among the 50 states. Of those, 8.95 percent were in foreclosure, or 320,315 homes.Nationally, 12 percent of loans were past due, with 3.3 percent of those in foreclosure, representing 1.9 million properties. For a compelling graphic, USA provides Foreclosures on the rise, providing a state-by state breakdown of foreclosure numbers with percentages of change from 07-08.Needless to say, the sad situation is that our Florida housing market is saturated with vacant foreclosures. If you are in the market for one, Fannie Mae just instituted an intriguing program for purchasing REO's. The benefits include: Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only) You may qualify even if your credit is less than perfect Available to both owner occupiers and investors Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer No mortgage insurance* No appraisal feesAlso eligible for HomePath® Renovation Mortgage Financing HomePath Mortgage financing is available from a variety of lenders - both local and national. More details on this program are available at Homepath.com