FBC Report Finds Improvement in the Sunshine State
Lender FBC Mortgage’s 2012 Florida report reflects a strong rebound for the state’s mortgage and housing market during the year.
Data from financed properties and excluding condominiums show purchase prices averaged $210,000. This represented an increase of nearly $20,000 from 2011.
FBC’s report also shows average loan amounts rose 13.5% year-over-year, averaging $177,000.
Conventional borrowers put down $60,000 on average compared to $8,000 on government loans. Conventional loans represented 60% of closed transactions in 2012, a 12% increase from 2011.
Credit scores continued to climb in 2012, averaging 742 for homebuyers. This is a 10 point increase from 2011, 20 points higher than 2010 and nearly 30 points higher than the 2008 average, according to the company.