When do I need to purchase to qualify?
If you buy a home between Jan. 1 and Dec. 1 this year and close escrow during these dates, you will qualify for an $8,000 tax credit – as long as it is your primary residence and you meet the simple requirements.
How does the law define “first-time homebuyer”?
The law defines “first-time homebuyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
What are other requirements to qualify?
All U.S. citizens who file taxes are eligible to participate. An income limit of $75,000 a year for individuals and $150,000 a year for joint filers also applies.
How do I apply for the credit?
Taxpayers should use IRS Tax Form 5450 to claim the first-time homebuyer tax credit.
Does the credit have to be repaid?
No. Unlike a similar tax credit passed in 2008, this $8,000 tax credit does not have to be repaid to the IRS.
Can I use the tax credit toward a down payment or other closing costs?
Yes. An announcement made May 29 allows the tax credit to be used toward purchase costs of a home, including down payment in some cases. This can be done one of two ways. First, buyers using an FHA-approved lender can sell their anticipated tax credit to the lender and use the proceeds to immediately apply the tax credit to any down payment above the minimum down payment of 3.5 percent required with FHA-insured mortgages. Second, buyers who receive financing through state housing finance agencies and certain non-profits will be able to use the tax credit for their down payments via a tax credit advance loan that does not result in any cash back to the buyer.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://OrlandoShortSaleExpert.com or www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.
P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden, or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.

On February 18, 2009, President Obama announced his Making Home Affordable Program (MHA), designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. In doing so, the plan not only helps responsible homeowners behind on their payments or at risk of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.

For more detailed information, visit MakingHomeAffordable.gov. 

Making Home Affordable Program (MHA):
Guidelines and Latest News

The Plan
On March 4, 2009, the Obama Administration announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration’s Making Home Affordable Program (MHA) – announced by President Barack Obama on February 28, 2009.
NAR’s Detailed Summary of the Obama Housing Plan> (PDF: 112K)
Key Components of the Plan>
Modification of Second Mortgages
On April 28, 2009, the Treasury Department announced an expansion of the Making Home Affordable Program (MHA) to help reduce payments on second mortgages.
Modification of Second Mortgages under the Making Home Affordable Program> (Treasury Dept.)
Financial Incentives and Uniform Process for Short Sales – The Foreclosure Alternatives Program (FAP)
On May 14, 2009, Treasury Secretary Geithner and HUD Secretary Donovan announced new details on the Making Home Affordable Program to help homeowners facing foreclosure.
Treasury Department press release> (Treasury Dept.)
Realtors® Help Buyers, Sellers Navigate Short Sales>
Uniform Process for Short Sales Will Help Struggling Home Owners>
View detailed guidelines> (PDF: 316K)
Treasury’s FAP factsheet> (PDF: 44K)
Visit the Treasury Department links below for the latest guidelines and information:

Making Home Affordable – Summary of Guidelines> (PDF: 53K)

Borrower Information: Making Home Affordable Refinance and Modification Options

Borrower Q&As> (PDF: 82K)

Housing Counselor Q&As> (PDF: 72K)

Modification Program Guidelines> (PDF: 90K)

Fact Sheet – Updated Detailed Program Description> (PDF: 73K)

Modification of Second Mortgages under the Making Home Affordable Program>

New Details of the Program to Help Homeowners Facing Foreclosure>

Fact Sheet – The Foreclosure Alternative Program (FAP)> (PDF: 44K)

Making Home Affordable Progress Report, May 14, 2009> (PDF: 20K) 
Fannie Mae and Freddie Mac Guidelines
Fannie Mae and Freddie Mac released guidelines on refinancing and loan modification options that implement President Obama’s Making Home Affordable Program.
GSEs Home Affordable Refinancing Programs>
GSEs Home Affordable Modification Programs>
Determining if a borrower’s loan is owned or securitized by Fannie Mae or Freddie Mac:

For Fannie Mae, 1-800-7FANNIE (8am to 8pm EST).
www.fanniemae.com/loanlookup

Freddie Mac, 1-800-FREDDIE (8am to 8pm EST)
www.freddiemac.com/avoidforeclosure 

Part of NAR’s Right Tools, Right Now Initiative
In these uncertain times, NAR is here to help you succeed with the Right Tools, Right Now initiative, offering more than 300 educational products, publications, and services free or at cost. For more information, visit www.REALTOR.org/RightTools.

Orlando Sales are Up

Members of the Orlando Regional REALTOR® Association in April sold nearly seven times more homes in the lower-price range categories than in the upper categories, which according to economists is typical of a rebounding market.

“Orlando’s housing market appears to be following a recognized healing pattern — from the bottom up — as evidenced by the greater number of sales in the lower-price categories,” explains ORRA President Les Simmonds, L.G. Simmonds Real Estate Corp. ”For example 75 percent of homes sold in April were purchased for less than $200,000, while 10 percent sold for more than $300,000. And, we expect the ratio of sales of lower-priced homes to increase exponentially as more and more first-time homebuyers seek to take advantage of the $8,000 federal tax credit.”

Sales activity in the lower-price categories gradually stimulates sales in other categories as sellers who want to become trade-up buyers are able to sell their current homes.

Forward-looking factors also indicate an improving market: REALTORS® filed 3,412 new contracts in the month of April, nearly double than the number of contracts that were filed in April 2008 (2,012), and are awaiting the closing of a record 5,818 pending sales. There were 103.90 percent more homes under contract last month than in April 2008 (2,853).

The 1,741 completed closings in April is a 41.43 percent increase compared to April 2008 (1,231) and a 0.74 percent decrease compared to last month (1,754). Year to date, there have been 42.58 percent more sales than by this time last year (5,867 to 4,115).

The median price of all Orlando homes sold in April ($132,900) decreased by 37.01 percent compared to April 2008 while the area’s average interest rate increased to 4.86 percent, up from last month’s record low of 4.67 percent.

Of the 1,741 sales in April, 49.68 percent of the homes were either bank-owned (733) or distressed (132). The median price of the bank-owned homes sold in April was $89,900, while the median price of distressed homes was $146,000. The median price for the “normal” homes (876) sold in April was $161,245.

The area’s affordability index continues to nudge the 200 percent mark, 194.01 percent to be exact. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $52,307 can qualify to purchase one of 11,233 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $257,840 or less.

The first-time homebuyer affordability in Orlando is currently 137.96 percent. First-time buyers who earn the reported median income of $35,569 can qualify to purchase one of 7,027 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $155,850 or less.

Homes of all types spent an average of 104 days on the market before being sold in April 2009, and the average home sold for 93.14 percent of its listing. In April 2008 those numbers were 120 and 93.18 percent, respectively.

The majority of single-family homes (153) that changed hands in April 2009 were sold in the $200,000 – $250,000 price range. Eight hundred eighty-seven homes sold for less than $200,000 in April, and 159 sold for more than $300,000. On the far ends of the scale, 12 homes were sold for $1 million or more while 102 homes sold for less than $50,000.

Inventory

There are currently 20,194 homes available for purchase through the MLS. Inventory decreased by 1,254 homes from March 2009, which means that 1,254 more homes left the market than entered the market. Compared to last year, the April 2009 inventory level is 20.60 percent lower than it was in April 2008 (25,436).

The inventory level reflects an 11.60-month supply at the current pace of sales, which is down from the 12.23-month supply recorded in March 2009 and equal to the pace during the last quarter of 2006. Altogether, inventory months-of-supply has declined 5.15 percent since January 2009.

There are 14,472 single-family homes currently listed in the MLS, a number that is 4,579 (24.04 percent) less than this time last year. As usual, most (1,755) are listed in the $200,000 – $250,000 price range. Condos currently make up 3,928 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,794. Most condos (622) are priced below $50,000; the majority of duplexes/town homes/villas (273) are listed in the $120,000 – $140,000 price category.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area have increased by 167.52 percent (down from last month’s massive increase of 252.22 percent). A total of 313 condos changed hands in April of this year compared to 117 in April 2008. Nine hundred eighty-three condos have sold to date this year, a 138.01 percent increase over last year’s 413.

The most (148) condos in a single price category that changed hands were in the $1 – $50,000 price range, again nearly three times the number (49) that were sold in the next most populated category ($50,000 – $60,000).
Orlando homebuyers purchased 148 duplexes, town homes, and villas in April 2009, which is a 23.33 percent increase from April 2008 when 120 of these alternative housing types were purchased. The majority (29) of duplexes, town homes, and villas sold in April 2009 fell into the $100,000 – $120,000 price category.

MSA Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in April were up by 48.26 percent when compared to April of last year. Throughout the entire MSA, 2,178 homes were sold in April 2009 compared with 1,469 in April 2008.

Each county’s year-to-date sales comparisons are as follows:

Lake: 24.67 percent above 2008 (1,142 homes sold to date in 2009 compared to 916 in 2008);
Orange: 64.37 percent above 2008 (3,889 homes sold to date in 2009 compared to 2,366 in 2008);
Osceola: 105.54 percent above 2008 (1,410 homes sold to date in 2009 compared to 686 in 2008); and
Seminole: 6.74 percent above 2008 (1,030 sold to date in 2009 compared to 965 in 2008).

Anyone looking to buy a home in Orlando, East Orlando or any of the surrounding communities such as Windermere, Winter Garden, Ocoee, Winter Park, Kissimmee, Saint CLoud, or Lake Nona please give me a call because I have some terrific deals. I found this photos recently and I Love it. So, the answer is NO it’s not real and don’t ask where you can find it.

However, I’m seeing short sales and foreclosures right now that are 1/2 price compared to only 3 years ago. I’m hearing people saying that we are not at the bottom and they’re going to wait. Well, very simply if you wait for another $10,000 – $20,000 break in price your thinking is wrong. Let me tell you why.

Interest rates is the answer. Interest rates will rise and trying to save $10-$20 thousand will be nothing compared to a 1/2 point to a point higher in interest rates. Do the math. When you’re done doing the math, give me a call and I’ll find you that perfect home at a huge price reduction at the lowest interest rate. Don’t wait for the media to say it’s turning around, because by then it’ll be too late and you’ve missed the bottom. So CALL TODAY! 407-580-7011

Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs, or visit OrlandoShortSaleExpert.com for information on Short sales and Pre Foreclosures.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

 Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011

On February 6, 2009, Fannie Mae released Announcement 09-02, a five-page document that outlines the new rules for real estate investors who own multiple properties.

“Fannie Mae is committed to providing financing opportunities for high-credit quality, bona fide investors,” said Fannie, which accounts for 40 percent of the $12 trillion in U.S. residential mortgage debt. “Experienced investors play a key role in the housing recovery and Fannie Mae’s continued support for investor borrowers is consistent with its mission to provide stability, liquidity and affordability to the nation’s housing system.”

The new Fannie Mae guidelines allow investor and second home borrowers to qualify for Fannie-backed financing on up to 10 properties if they meet strict underwriting and delivery requirements outlined in Announcement 09-02. Previously, Fannie had a “four property rule.”

Other Fannie guidelines include:

Borrowers cannot have a history of bankruptcy or foreclosure within the last seven years.

When more than four properties are financed, the borrower must have a minimum credit score of 720.

There are also reserve requirements dependent on the type of property the borrower is purchasing.

Buyers have to have 25 percent down for a second home and 30 percent for an investment property.

The change is effective March 1, 2009. The requirements apply to any investment property or second home loan being delivered to Fannie Mae — regardless of whether Fannie is the investor on the borrower’s other mortgages.

For professional investors with multiple investment properties, these new Fannie Mae changes are good news. But the restrictions on loan to value (LTV) and cash reserves are tighter than in the past. Still, it allows investors to finance a large number of properties. Now we need Freddie Mac to make a similar move.

To download the policy guidance and get more information on qualifying and underwriting, go to: Announcement 09-02

Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs, or visit OrlandoShortSaleExpert.com for information on Short sales and Pre Foreclosures.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

 Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011

As a person running your own operation, tax consequences need to influence how you conduct business, day in and day out. Where to spend—or not. How to structure transactions. When to act. How much you must pay in income taxes can easily determine whether your operation turns out to be profitable for the whole year. You’re entitled to claim every expense and write-off the law allows. That’s money in your pocket.

As you read on, take a bow for those you’re already doing. And resolve to benefit from others that fit your situation (which now won’t pass you by).

There’s still time to include these tax-saving deductions for your 2008 Federal tax return.Section 179 Property—Personal Property Write-off

Receive an up-front write-off of up to $125,000 for personal property purchased for use in the business. (This increases to $128,000 in 2008). That covers computers, printers, office furniture, fixtures, etc. It’s no longer necessary to depreciate the cost over the asset’s useful life, since you can expense the entire purchase price the year the asset is acquired.

Notice that this deduction cannot be used for personal property like appliances and furniture in residential rental property, however. But it would apply for such equipment in commercial rentals.

Travel Expenses
The Internal Revenue Code defines travel expenses as the “ordinary and necessary” expenses incurred while traveling away from home for your business, profession, or job. They include transportation, baggage, lodging, meals, laundry, telephone calls, and tips. Travel expenses do not include expenses for entertainment.

Special Note: Regulations require that business travel expenses be substantiated by evidence like diaries, logs, receipts, paid bills, and expense reports. You must separately report each expense for transportation, lodging, and meals. Indicate the date you left and returned for each trip, and the number of days away spent on business. Note down your destination and the business reason for the trip, or what business benefit you expected to gain.

Entertainment ExpensesAvoid the risk of scrutiny by keeping certain information for each deduction:

• Date and time
• Place
• Amount claimed
• Relation to the person or event
• Anything else relevant

There are several areas where the 50% reduction does not apply. So break those figures out and write them off 100%.

• Transportation to and from an event
• Open houses for listings
• Events to reward employee performance
• Business gifts or incentives up to $25 per customer or client

Home Office Deduction

You may write off the portion of your home used regularly as the office of your business. Deduct a percentage of the utilities, repairs, maintenance, and depreciation. The tricky part—that area must be use exclusively for business purposes. And you cannot also have another off-site office where you conduct substantial work or administrative tasks of running your business. This topic is so important for Realtors (and widely misunderstood), that I’ll devote a future article to this.

Put Family Members on the Payroll

Hire family members to work for the business. Pay them for the work done at the rate you’d pay someone else to do it. Minor children, your spouse, grandma, etc., can help with necessary tasks—answer the phone, cleaning and maintenance, record keeping, distributing flyers, performing computer tasks, etc. Keep detailed records of their tasks and hours. And the person does have to do the work. The numerous advantages of involving family members in the business go way beyond saving taxes. And since they really earned it, the “kiddie tax rules” do not apply.

Get in the Habit of Finding Legitimate Deductions

Taxes won’t go away. But by claiming every deduction you’re entitled to, you can cut them down to size.

The IRS restricts your ability to write off the cost of meals and entertainment. Unlike other expenses, only 50% of what you actually spend can be deducted as business expense. In my experience, Realtors too frequently under-claim entertainment expenses they’re entitled to take.

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Dr. Phillips and Southwest Orlando, Fl.

Located in Southwest Orlando, “Dr. Phillips” is one of the most popular and most prestigious areas to live in Orlando. It is where the world famous Restaurants row is located. Almost from any neighborhood in “Dr. Phillips” your just a short distance to it all including shopping, golf, parks, restaurants

Bay Hill

This large golf & country club community is located off the shores of the Butler Chain of Lakes in southwest Orlando and is host of a major PGA tournament. Bay Hill contains exclusive gated enclaves of luxury homes, as well as the established non-gated areas of the community.

Homes priced from the $500,000 to $2 million+

View All Bay Hill Available Properties CLICK HERE

Cypress Pointe

Conveniently located in the Dr. Phillips area in southwest Orlando and situated on the famed Butler Chain of Lakes, you will find Cypress Point. Cypress Point is filled with gorgeous custom-built homes and offers a guarded entrance. Beautiful luxury homes.

Homes priced from $500,000 to $2 million+

View All Cypress Pointe Available Properties CLICK HERE

Phillips Landing

Homes priced from the $700,000 to $2 million+

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Vizcaya

Homes priced from the $700,000 to $2 million+

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Bay Harbour

Homes priced from the $900,000 to $2 million+

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Emerson Pointe

Homes priced from the $1 million to $4 million+

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Bristol Park

Homes priced from the $500,000 to $800,000+

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Kensington Park

Homes priced from the $600,000 to $1 million+

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Heritage Bay at Phillips Landing

Homes priced from the $600,000 to $1 million+

View All Heritage Available Properties

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Palm Lake

Homes priced from the $400,000 to $1 million+

View All Palm Lake Available Properties

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Bay Park

Homes priced from the $400,000 to $600,000+

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Bay Point

Homes priced from the $1 million to $4 million+

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Phillips Cove

Homes priced from the $400,000 to $1 million+

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Bayview

Homes priced from the $400,000 to $700,000+

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North Bay

Homes priced from the $400,000 to $600,000+

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South Bay

Homes priced from the $500,000 to $1 million+

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Torey Pines

Homes priced from the $400,000 to $900,000+

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Hidden Springs

Homes priced from the $300,000 to $600,000+

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Turnbury Woods

Homes priced from the $400,000 to $600,000+

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Wingrove Estates

Homes priced from the $400,000 to $600,000+

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Orange Tree Country Club

Homes priced from the $300,000 to $600,000+

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Sand Lake Hills

Homes priced from the $300,000 to $500,000+

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Windermere Florida

The Town of Windermere is located in southwest Orange County fourteen miles southwest of Orlando, six miles southeast of Winter Garden, two miles south of Ocoee, and approximately six miles north of Walt Disney World. Windermere is surrounded by sand bottom lakes. Lake Butler (the largest) is on the west, Lake Down on the east, and Lake Bessie on the southeast. By means of a system of canals, Butler, Down and six other lakes are connected to form what is known as the Butler Chain

Chaine Du Lac

Homes from $2 million to $6 million+

Enjoy the best of both worlds! Interior and lakefront estates located on Butler Chain of Lakes in Windermere. All located within an upscale community. Community home sites are a minimum of ½ acre lots. All homes are custom and built by some of Orlando’s most recognized builders. You will proud to call this neighborhood home.

View All Chaine Du Lac Available Properties CLICK HERE

Weatherstone on Lake Olivia

Homes from $2 million to $3 million+

Small gated 13 home communities with lakefront and interior estate homes. Frontage on the Lake Olivia in Windermere with minimum lot sizes of ¾ of an acre. All homes all custom built with the finest finishes. Located near new extension of Apopka Vineland Road for easy and convenient travels around town.

View All Weatherstone Available Properties CLICK HERE

Lake Butler Sound

Homes from $800,000 to $6 million+

This luxury community is located along the southern shore of Lake Butler, which is part of a chain of nine of the cleanest lakes in the Orlando area. Lake Butler Sound encompasses three different neighborhoods. On-site amenities are oriented toward preserving the natural wildlife sanctuary, including 32+ acres of natural preserves; two English Gardens, and a large lakeside gazebo.

View All Lake Butler Sound Available Properties CLICK HERE

Keene’s Pointe

Homes from $500,000 to $3 million+

Keene’s Point is a “golfer’s paradise” as it is home to The Golden Bear Club, a Jack Nicklaus Golf Course & Country Club. It is located on the shores of The Butler Chain of Lakes and boasts a variety of home styles. You can choose a number of award winning builders to build your dream home or choose one of the fine pre-owned homes on the market.

View All Keene’s Point Available Properties CLICK HERE

Tildens Grove

Homes from $900,000 to $2 million+

Lakefront and Interior homes in this beautiful gated ½ acre minimum community located in Windermere. Homes are built by some of the finest homebuilders in Central Florida. Find luxury at its best.

View All Tildens Grove Available PropertiesCLICK HERE

Isleworth

Homes from $1 million-$9 million+

This is truly one of the most prestigious luxury living communities in the world. Isleworth is the principal residence for many of the worlds professional athletes, entertainers, CEO’s, Medical Professionals, etc.. Isleworth is an elite gated golf & country club community located on the shores of the nine lake Butler Chain of Lakes.

View All Isleworth Available Properties CLICK HERE

Reserve at Belmere

Homes from $500,000 – $3 million+

Come home to the quiet reserves and pristine lakes of The Reserve at Belmere – the 24-hour manned, gated community with a Windermere address. Share with your family the fitness center, tennis courts, basketball, children’s play area, and two open, multi-use fields. Fish and enjoy the sunset from the community gazebo on Lake Whitney. Some of Orlando’s top builders are available to choose from to build your dream home.

View All Reserve at Belmere Available Properties CLICK HERE

Waterford Pointe

Homes from $700,000 – $1 million+

Prestigious gated community with custom homes on ½ acre to 2-acre lots. Treed lined streets show the maturity of this great community. Community offers a private boat ramp for all residents for water skiing, fishing on Lake Roberts. It also features a playground and tennis courts.

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Estates at Windermere

Homes from $800,000 – $1 million+

Mature tree lined gated community located across the street from Windermere Country Club. The community features all custom homes with a minimum of 1/2-acre lots and gives you the privacy you love and deserve. Community has a community pool, basketball and tennis courts.

View All Estates at Windermere Available Properties CLICK HERE

Balmoral

Homes from $800,000 – $1 million+

Tree lined gated community with 32 custom homes located conveniently off Apopka Vineland road in Windermere makes this neighborhood very desirable and close to everything. Home sites are a minimum of ½ acre and as large as 1.5 acres. Some of Orlando’s best Custom Home Builders built these homes.

View All Balmoral Available Properties CLICK HERE

Butler Bay-Windermere Club

Homes from $800,000 – $2 million+

Enjoy the Florida lifestyle–swimming, boating, skiing, golf & tennis in this gated community of Windermere Country Club. Home sites range from ½ acre to 2-acres with all custom homes. Mature neighborhood with tree lined streets, which make it a pleasure to come home to every day.

View All Butler Bay Available Properties CLICK HERE

Lake Down Crest

Homes from $800,000 – $2 million+

Located conveniently off Apopka Vineland Road in Windermere.

Homes sites are a minimum of ½ acre with most being at least 1 acre. All homes are custom built.

View All Lk Down Crest Available Properties CLICK HERE

Oxford Moor

Homes from $800,000 – $1 million+

A gated community located in Windermere with beautiful custom homes on ½ acre to 1 acre lots with some home sites having a wonderful pond view. All homes were built with great features and great detail, which makes this a highly desirable neighborhood.

View All Oxford Moor Available Properties CLICK HERE

Willows at Lake Rhea

Homes from $800,000 – $1 million+

Beautiful Custom Homes on minumum ¾ acre lots centrally located in Windermere. All homes are custom homes built with the finest finishes.
Established neighborhood with mature trees and fountains that make it a pleasure to come home everytime. View All Willows @ Lake Rhea Available properties CLICK HERE

Windermere Downs

Homes from $400,000 – $1 million+

Mature Treed lined streets that you will fall in love with. Home sites have a minimum of ½ acre. Community has a mix of old and new homes with a great community feel.
Enjoy great neighbors and a great location for your next home. Lakefront and interior homes.

View All Windermere Downs Available Properties CLICK HERE

Lakes of Windermere

Homes from $300,000 – $1 million+

Welcoming front porches. Tree lined boulevards. Community parks and Windermere’s renowned schools conveniently located to the neighborhood. The timeless living of yesterday is reborn at the Lakes of Windermere, a classic community that blends the best of traditional family living with the amenities of today. Watch Disney fireworks every night.

View All Lakes of Windermere Available Properties CLICK HERE

Glenmuir

Homes from $400,000 – $700,000+

Watch fireworks from your own backyard every night in beautiful gated Glenmuir neighborhood. A great feature of the neighborhood is the entryway where you are greeted with 15+ foot palm trees and water fountain before entering the gates. Great Community Park with soccer field, basketball, volleyball, playground and a large pavilion with grills.

View All Glenmuir Available Properties CLICK HERE

Belmere

Homes from $300,000 – $700,000+

Mediterranean styled home offering family living at its best! Gated entries, magnificent community pool & owners activity center, tennis, basketball courts and what a location! These great home offer the features & amenities for today’s family . Homes built by Park Square Homes and Morrison Homes with may floor plans to choose from. This community is highly sought after because of its great location and appeal.

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Westover Reserve

Homes from $600,000 – $900,000+

Located on Westover Roberts Road, this gated community includes homes with 4-6 bedrooms, bons rooms, large master suites, and all amenities.

View All Westover Reserve Available Properties CLICK HERE

Westover Club

Homes from $500,000 – $700,000+

Located on Westover Roberts Road, this gated community includes homes with 4-6 bedrooms, bons rooms, large master suites, and all amenities.

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Summerport

Homes from $300,000 – $800,000+

Built by Levitt and Sons, Summerport brings back the traditional lifestyles of rural living. These spacious homes have plenty of windows, and a front porch to relax on in the evenings. Amenities include a recreation/fitness center with a junior olympic pool, seven parks, beach, nature trail, and tennis and basketball courts.

View All Summerport Available Properties CLICK HERE

Providence

Homes from $400,000 – $1 million+

Providence is a brand new Morrison Homes community in sought after Windermere and features wonderful family amenities such as a community pool, and a tot lot. The neo-traditional style homes offer 3 & 4 bedroom homes ranging anywhere from 2,000 square feet to over 3,000 square feet. Also offers custom homes on Lake Sawyer. Located off the corner of Chase Road and 535

Shuttle Launch

Government officials launching the “Making Home Affordable” program also acknowledge that the initiatives are only a partial fix for a sweeping problem that has helped plunge the U.S. economy into the worst recession in decades. In fact, tens of thousands of homeowners in some of the most battered real estate markets – concentrated in California, Florida, Nevada and Arizona

There was also skepticism that banks would be willing to participate.

The Obama administration’s program has two parts: one to work with lenders to modify the loan terms for up to 4 million homeowners, the second to refinance up to 5 million homeowners into more affordable fixed-rate loans.

For the modification program, borrowers who are eligible will have to provide their most recent tax return and two pay stubs, as well as an “affidavit of financial hardship” to qualify for the loan modification program, which runs through 2012.

Borrowers are only allowed to have their loans modified once, and the program only applies for loans made on Jan. 1, 2009

For the refinance program, only homeowners whose loans are held by Fannie Mae or Freddie Mac are eligible and have until June 2010 to apply.

Consumers should contact their loan servicer – the company that sends out their monthly bill – to find out if their mortgages are held by Fannie or Freddie. The two mortgage finance companies own or guarantee almost 31 million home loans – more than half of all U.S home mortgages.

Many mortgage brokers, however, are critical. They argue the fees imposed by Fannie and Freddie over the past year make it difficult for borrowers to afford to refinance. The two companies, which are now government controlled, have yet to detail how they will implement the plan, or whether any fees will be rolled back.

Meanwhile, action to put in place another part of Obama’s housing plan is expected soon on Capitol Hill.

House Democrats agreed Tuesday to narrow proposed legislation that gives bankruptcy judges the power to change the terms of mortgage loans for debt-strapped borrowers.

In the latest version of the bill, judges would have to consider whether a homeowner had been offered a reasonable deal by the bank to rework his or her home loan before seeking help in bankruptcy court. Borrowers also would have a responsibility to prove that they tried to modify their mortgages.

A full vote in the House could come as early as Thursday.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://OrlandoShortSaleExpert.com or www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden, or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.

Orlando Foreclosures

(March 12, 2009)  RealtyTrac® (www.realtytrac.com), a leading online marketplace for foreclosure properties, released its February 2009 U.S. Foreclosure Market Report™, which shows foreclosure filings – default notices, auction sale notices and bank repossessions – were reported on 290,631 U.S. properties during the month, an increase of nearly 6 percent from the previous month and an increase of nearly 30 percent from February 2008. The report also shows one in every 440 U.S. housing units received a foreclosure filing in February.
 
“The increase in foreclosure activity from January to February is somewhat surprising, given that many of the foreclosure prevention efforts and moratoria in place in January were extended through most of February as well,” said James J. Saccacio, chief executive officer of RealtyTrac. “There were some notable exceptions to this: a 45-day voluntary moratorium in Florida expired at the end of January, and foreclosure activity there was up 14 percent from the previous month; and many New York foreclosure proceedings delayed by a new law for an extra 90 days appear to have hit the system in February, when the state’s foreclosure activity increased 23 percent from the previous month.”

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://OrlandoShortSaleExpert.com or www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden,  or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.