No Money Down Home Loans for Flagler County

by Lynn on August 28, 2011

There’s a little known mortgage source for homes in Flagler County. As of right now (the maps are changing October 1st), Flagler County homes are eligible for USDA home loans. There are income caps and other eligibility requirements for buyers, but for low to moderate income buyers, these loans may be the best option.

USDA home loans can be for up to 103.5% of the property value. The catch is that income cannot be more than 115% of the median income for the area where the home is located. I’m not an expert on these loans, so I’m not going to quote any income number for the county. The best thing is to go to USDA Mortgages to get more information and apply. In addition, you’ll need above a 620 credit score for the best rates.

You can’t be loaded down with a lot of other debt to get this loan. The debt to income ratios are 29/41 for USDA loans. That means that 29% of your income can go against monthly mortgage and fees payments and you can have no more that 41% debt when you add credit cards, car loans and other debts to the mortgage payments.

The USDA also expects you to live in the home, so this loan is not available for second or vacation homes. USDA home loans are an excellent option for buying Flagler Country or Palm Coast homes for sale.

Note:  Both the eligibility maps and the structure of USDA home loans are changing on October 1st. The rate structure will reduce the loan origination fee and add a monthly mortgage insurance premium. From what I’ve been able to tell, it won’t affect monthly payments very much at all. The eligibility map changes are unknown, but we’ll publish a post when they come out in October.

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So if you were looking at Palm Coast homes for sale vs. Port Orange homes for sale, you would find that you could buy more house for the same money in Palm Coast, and, you would be paying less in property taxes. That’s the biggest advantage of living in Flagler County.

People move to and live in Florida for different reasons. So come to live and work. Some buy a home for vacations and some come to retire on a limited budget. While there are many beautiful homes in both Flagler and Volusia counties, Flagler has an advantage for those on a budget.

Flagler county include Palm Coast, Bunnell and Flagler Beach. Volusia County includes Daytona Beach, Ormond Beach, Port Orange, Deland, Deltona, New Symrna Beach and more. Communities along the east coast of Volusida County have a milage rate of 22-25 for property taxes, while Flagler County has a rate of about 18. In other words, property taxes are lower in Flagler County.

Home prices are also lower in Flagler County. Of course, there’s a reason for the lower prices. There’s a lot more infrastructure, attractions, restaurants, shops and more in Volusia County. This makes the underlying land values higher. In recent years though, Flagler Country has seen new restaurants and shops and the new Epic Theaters movie theater is very nice. It’s improving, but it’s still not close to the neighboring Daytona Beach area.

Now, there’s an amazing community that has an Ormond Beach address, but part of the community is actually in Flagler Country. It’s call Halifax Plantation. Halifax Plantation is home to a championship golf course, tennis, a great clubhouse with a very nice restaurant and community pool. Where you buy in Halifax Plantation could save you hundreds of dollars every year in taxes. Flagler County is also home Grand Haven and many other beautiful communities with home priced for every budget.

I would never advise anyone to buy based on the tax rate, but I would advise to weigh the difference and how it might affect your lifestyle. Check out Palm Coast and Flagler County if you’re considering a move to Florida. Give Lynn a call at 386-566-7503 to talk about Palm Coast and the surrounding areas.

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Foreclosures and Short Sales Hammer Housing Starts

It doesn’t surprise me that housing starts and single family building permits are down. In the Daytona Beach real estate and Palm Coast real estate markets, short sales and foreclosures have forced prices below replacement value in many cases. What would anyone want to pay more for a new home when the price would be above similar homes on the market?

Dangerous for Builders

Builders are not building spec homes in most markets. It is certainly at a very low level in Palm Coast and Daytona Beach. Custom homes make more sense because they are being built for a buyer under contract.

I’ve been doing a lot of research over the past few weeks and it appears that the foreclosure wave will not be complete until 2011 when the last teaser rate loans need to be refinanced. It will probably take another year for those to work there way through the system. That’s when I see new home building picking up again.

There’s are very nice article at Mortgage News Daily that goes into a lot of detail and has some graphs that tell the story visually. Check out the article –> Housing Starts Fall. Single Family Building Permits On Hold.

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Is Palm Coast Real Estate the Fastest Growing in the United States?

Depending on the time frame that is used, Palm Coast is still the fastest growing community in the US. From 2000 through 2008, Palm Coast is the fastest growing city in the country according to the US Census Bureau. However, in the last year it has dropped to 54th fastest because of the real estate bubble bursting, but is still growing at 3.5%.

The reasons for that top growth ranking are still here. Here’s my top five reasons:

  1. Wonderful Weather
  2. Reasonably Priced Homes
  3. Lower Property Taxes than surrounding counties and cities
  4. Location – close to the ocean, river, Orlando, Jacksonville, St. Augustine and more…
  5. Recreation – golfing (lots of courses), boating, walking, biking, clubs, restaurants and more…

Palm Coast homes are very reasonably priced and when you factor in lower taxes, Palm Coast still holds the edge for many people who are looking for more home for the dollar. Many condos in Palm Coast are available for people looking for the advantages of lock and leave living.

Prices in Palm Coast are generally lower than Ormond Beach real estate and Daytona Beach real estate. And again, taxes are lower in Flagler County and Palm Coast than in Volusia County to the south.

So, while Palm Coast is not the fastest growing city over the past year, it is during this century. What that tells us is that many people are voting for Palm Coast by choosing to live here. Yes, they’re still coming, just in fewer numbers.

Call me at 386-566-7503 to talk about the wonderful opportunities for buying homes and condos in Palm Coast. We are seeing signs that the market may be turning. There’s no need to panic yet, but prices will soon hit bottom. If you are interested, look now so you know what’s going on the market, then buy when you feel ready.

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Palm Coast Homes Listing

17 Lakeside Way in Grand Haven, Palm Coast, Florida

Front View of 17 Lakeside Way Palm Coast

Grand Haven is a beautiful gated golf course community in Palm Coast, Florida. This is one of the most desirable communities in the area.

17 Lakeside Way is a nearly new home with a lake in the backyard. This homes has lots of room for indoor and outdoor living with porches and patios in both the front and the back of the home.

This wonderful home includes:

  • 3 Bedrooms
  • 2 Bathrooms
  • Breakfast Nook
  • Screened Porches/Decks on the Front and Patio at Rear
  • 2 Car Garage
  • Full-Time Security and Gated Entry
  • Golf Course Community
  • Breakfast Nook and Bar

Offered at $315,000.
Call Lynn at 386-566-7503 for more details.

Here’s a few more pictures, you can see even more at Palm Coast Homes – 17 Lakeside:

There is a temendous variety of homes and condos available in Palm Coast, Flagler County and Flagler Beach. Find out more about Palm Coast Homes at my main web site. Please visit Ormond Beach real estate for more information on this beautiful community just south of Palm Coast.

Listing by Lynn Byrne, Palm Coast Realtor.

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Palm Coast Real Estate Blog Launched

by Lynn on March 18, 2009

Lynn Byrne Launches New Palm Coast Real Estate Site

Palm Coast Real Estate is once again very attractive priced. Last year, we launched our Daytona Beach Real Estate Blog and it’s been a great success. We get thousands of visitors every month from people interested in our local homes and condos market.

However, it’s difficult to focus on Palm Coast homes and condos and Daytona Beach real estate in the same pages. So, after much deliberation, we launched the Palm Coast Real Estate Blog to serve our Palm Coast and Flagler County sellers and buyers.

We will be providing regular information on the Palm Coast area and homes, condos and land.

Please don’t hesitate to call me at 386-566-7503 with any questions or concerns. I’ve been active in Palm Coast and Flagler for years. A few years ago, I was the operations manager for Realty Executives in Palm Coast responsible for several Flagler County offices. I know the area well and can provide you with the support and expertise you need.

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