OBAMA says refinance your home. How much could you save?

APRIL 9, 2009, 8:15 P.M. ET
Obama for Change (In Your Mortgage)
By JOHN D. MCKINNON WASHINGTON — WALL STREET JOURNAL ARTICLE
President Obama called for millions of Americans to refinance their homes, in his latest turn as salesman-in-chief for the administration’s economic policies. In a White House event aimed at building on recent hopeful signs in the [...]

St. Pete Times article explains how to buy a 180K home for 121K

Should you buy now? Discounts look favorable in Tampa Housing Market-2009
Here’s a column from today’s St. Petersburg Times:  It’s actually the most cut and dry, easy to understand article that I’ve seen. It explains all the ways you can use today’s Tampa Real Estate Market, Low Interest Rates and the National Home Buyer Tax Credit to your advantage.  [...]

NEW FHA loan limits for Tampa, St. Petersburg Area!

GREAT NEWS!!!!
We are now able to use last year’s maximum loan limits on FHA which in Hillsborough, Pasco & Pinellas is $292,500
(much better than the &$271,050 we were rolled back to).
Don’t forget about the 8,000 tax credit for home buyers. This is not just first time home buyers, it is for anyone who hasn’t [...]

New 2009 Home Buyer Tax Credit Info-Tampa, Fl

The American Recovery and Reinvestment Act of 2009
ENHANCED HOME BUYER CREDIT
Who Qualifies?: Anyone who has not owned a home for the preceding three years. That means you may still qualify for the incentive even if you and your spouse owned a home more than three years ago.
How Much?: The incentive calls for a credit of [...]

New rules raise the bar for condo mortgages- Tampa, Fl

 In a move that will make it even more difficult to qualify for a condo loan, Fannie Mae is putting a host of new conditions on mortgages for condominiums.
 

 View from 345 Bayshore Condo

Lending giant Fannie Mae is slapping tough new requirements
Fannie Mae’s timing ”couldn’t be worse,” said Jack McCabe, a South Florida real estate [...]

Mortgage Rate Forecast 2009-CNBC Interview

If you’ve been on the fence about buying a home in the Tampa Bay area; you’ll want to read this news article about interest rates.
It’s hard to believe in today’s economic environment, but the overall Bond market, including Mortgage Bonds, are contending with the “I” word this morning…inflation…thanks to Fed member Frederic “Uncle Freddy” Mishkin.
Mishkin [...]

2009 NEW Mortgage Loan Rates and Guidelines, FHA, Conventional

Here are some quick updates on how the mortgage industry will change your ability to buy a home in the Tampa Real Estate market.  It’s not as bad as most people think! Although it can be confusing since things are changing every day!
Here are the changes for FHA loans: Compliments of Katie Hughes, Prospect Mortgage
FHA is [...]

IRS helps speed up home sales -Tampa, Fl

IRS helps speed up home salesTampa Bay Business Journal
Amid harsh economic times, the Internal Revenue Service recently sped up the process to help financially strapped homeowners refinance or sell their homes – even if a federal tax lien is already in place.
The agency said there are options that would still allow the home to be [...]

Credit Crisis & Real Estate Markets Report

Credit Crisis & Real Estate Markets Report
Federal Reserve Board Slashes Fed Funds Rate
On December 16, 2008, the Federal Reserve slashed the target range for the federal funds rate to 0%-0.25%–a clear signal that Chairman Bernanke and other members of the Board will take all necessary steps to achieve economic recovery.
The press release announced that, [...]

Mortgage Rates Reach All Time Low-Tampa, Fl

Just a quick update on the lowest mortgage rates we’ve seen in a long time! I was sent this today:
Conforming 30 yr fixed : 5.25%
Conforming 30 yr fixed: 5.0%
30 yr FHA rates: 5.125%
30 yr VA rates: 5.375%
JUMBO 5 YR ARM: 5.5%
JUMBO 7YR ARM: 5.75%
Here is what happened that caused mortgage rates to drop:
The mortgage industry [...]