In the state of Florida, the city of Miami is probably its best known locale.
It’s a major coastal city, situated along the Atlantic, and is one of the larger cities in the state by population. The city is home to over 440,000 people, and has a population density of roughly 11,900 people per square mile. The city’s a part of the Miami-Dade County there.
In fact, Miami’s a bit of an epicenter, as far as real estate indications go. Many are looking to the Miami mortgage markets for indications about whether the economic recovery that’s being propelled by the White House, the banking sector, will actually take hold. There have been fits in the starts, false starts to this recovery, that is heavily weighted by foreclosure rates in the area, and the fact that so many are actually not able to Miami refinance their homes at this point. Despite the credit freeze somewhat thawing, Miami home loans are just not experiencing the sort of activity that was once the modus operandi just a few years ago, even. Jobs or the lack thereof, rather, are playing a huge role in all of this, as lending practices and the basing of Miami mortgage rates has a good part to do with how secure one’s income streams are.
A number of experts in the Miami FHA loans space are forecasting wide and ambiguous calls about the economy, in order to preserve esteem about their highly desirable news and information assets. And others are taking the stance of waiting until the full stream of election results are in and out of the mainstream table of discussion, in Florida, but in the rest of the state and country as well. And yet, there are the occasional borrowers out there, the infrequent borrower that is actually getting approved for financing and added debt loads; but these borrowers are highly strategic, and bankers recognize them to be as such, and are requiring borrowers to have cash reserves of at least the first 6 months’ worth of payments, in many cases. We’re seeing very little activity in the Miami jumbo loans markets, and moderate activity in the Miami VA loans markets, but nothing in the way of a definitive recovery.
First Nationwide Lending is currently offering a variety of Miami mortgage products for residents and individuals looking to relocate to the Miami Florida area.