A 27-year-old investor says he has contracts to buy 28 of about 40 homes now on the market in Wellington's Versailles community, sales he said will stabilize prices in the once fraud-plagued neighborhood.

Christopher Anzalone is making the purchases as president of the Fort Lauderdale-based Liberty International Real Estate. He said the contracts total about $18 million.

Currently a renter in the pocket of 415 luxury homes near Lake Worth Road and U.S. 441, Anzalone said he learned real estate through a family business.

Anzalone sees opportunity in Versailles, where scam loans bought million-dollar mini mansions that now sell for half that -- or less.

He said the majority of his contracts are for one- third of what the homes last sold for.

The biggest deal: an $800,000 purchase price on a home where the bank was owed $5.7 million.

The Regional Multiple Listing Service had 41 active sale listings in Versailles as of Thursday.

"It's a beautiful community," Anzalone said. "The residents who live there have done a good job of getting rid of the fraudulent purchasers, and they are keeping it up meticulously."

Anzalone said he also has back-up contracts on nine additional properties, so if the original buyer falls through, he can scoop them up.

He said his original plan was to purchase all 46 homes for sale, but that some sellers were asking too much and other homes were already under contract.

Federal prosecutors have named 11 houses in the Versailles development that they believe were involved in some form of mortgage fraud.

Why Should I Consider an FHA Home loan to purchase a home?

Purchasing a Florida home is one of life's major landmarks and for some, it is even a dream come true. Securing an FHA mortgage is the most important piece of the Florida home loan puzzle.

The FHA loan program was created to help increase homeownership. The FHA home loan makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:

Other FHA loan Advantages Include:

Minimal Down Payment and Closing Costs.

• Down payment less than 3.5% of Sales Price
• Gift for down payment and closing costs allowed.
• No reserves or required.
• FHA regulated closing costs.
• Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

• Minimum FICO credit score of 540.
• FHA will allow a home purchase 2 years after a Bankruptcy.
• FHA will allow a home purchase 3 years after a Foreclosure.

Easier Debt Ratio & Job Requirement Guidelines such as:

• Higher Debt Ratio's than other home loan programs.
• Less than two years on the job is allowed.
• Self-Employed individuals o.k.

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Homeowners enjoy the benefits of investing in their Florida home year after year. For some, there comes a time when that investment can come in handy. Refinancing your home loan with FHA can prove to be an effective way to put that equity in your Florida home to work.

Florida has FHA loan limits these FHA loan limits were established to define how much you can borrow for FHA home loan. Each state has different FHA loan limits, so be sure to look up your state to understand what is available for your FHA home loan.FHA home loans are easier and less expensive than other home loan programs.

There are many reasons for Florida homebuyers to investigate an FHA home loan for their next purchase. First time Florida homebuyers should explore FHA loan options because it’s easier to qualify for an FHA loan than qualifying for a conventional mortgage.. FHA mortgage loans are guaranteed by the government, making your home loans application more appealing to FHA approved lenders. Since the typical first-time FHA mortgage applicant is young and just starting out their careers, chances are they still have student loans and other credit card debts to content with; The FHA mortgage loan costs less and is more forgiving of youthful indiscretions with credit and payments.

FHA mortgage loans don’t require a big down payment. For most Florida first-time homebuyers this can be an advantage; that typical Florida mortgage applicant in the early stages of a new career often doesn’t have a large down payment set aside specifically for purchasing a Florida home. Luckily the FHA mortgage only requires a low 3.5% down payment, and that money can come from a variety of sources including an FHA down payment assistance program including Florida Grants.

For Florida first time buyers, closing cost can be another issue to contend with. For the Florida homebuyer typical closing costs for FHA home loans are around 6% of the purchase price. One of the biggest advantages with an FHA Loan is that the seller can pay up to 6% of the Florida homebuyers closing cost and prepaid

FHA mortgage loans are not just for Florida first-time home buyers. Florida homeowners use FHA refinance mortgages to help people get out of sub-prime adjustable rate mortgages with interest rates on the brink of a huge increase. Florida homeowners on the brink of foreclosure with a conventional mortgage loan are finding that FHA home mortgage refinancing is a godsend for those who want to keep their Florida home.. The advantages of using an FHA mortgage include a low fixed rate mortgage guaranteed by the FHA. This means, predictable FHA mortgage payments over the life of the loan and lower interest rates making it easer for mortgage applicants to qualify with lower payments..

FHA also provides cash-out refinancing for those who need to use equity built up in their Florida home for unexpected expenses. FHA cash-out refinancing mortgage may offer lower interest rates than traditional home equity loans; you may qualify for one of two FHA mortgage plans which offer cash-out refinancing. One offers loan amounts for up to 97.75% of the appraised value of the home, another FHA refinancing loan offers amounts up to 85% of your Florida homes appraised value. Each FHA mortgage loan has its own requirements;

FHA home loans should take up no more than 35% of your Gross monthly income ( income before taxes) , and your FHA loan officer will ask for verification of your income to make the calculation. While some Florida mortgage applicants are able to get conventional loans using “stated income”, requirements for FHA home loans such as FHA refinancing loans require copies of your income tax returns to verify the actual amount of money you report to the government. If your job situation has changed since your last tax filing, you may be able to furnish proof of income through your new employer.

FHA mortgages have specific requirements for income, debt-to-income ratios, maximum FHA loan amounts and other details; each type of FHA mortgage loan is unique and must be applied for individu