SI Real Estate Tampa and The Beaches

Real Estate buyers in the Tampa Bay area have been in the driver’s seat for nearly a year with the First-Time Home Buyers Tax Credit, slumping real estate prices and incredibly low mortgage interest rates. If all of those factors were not reason enough to make that long dreamed about real estate purchase, the Federal Housing Administration’s (FHA’s) announcement of impending tightening of lending requirements should get buyers to take action in short order. According to the Realty Times article, Tighter Requirements for FHA Loans Loom , “After notice and comment periods, but beginning this spring, the FHA will raise mortgage insurance fees that borrowers must pay, cap the amount of cash that sellers can contribute for closing costs and require higher down payments for the borrowers with poor credit scores.” FHA has become more exposed to mortgage defaults as it has become the main avenue to financing for many in this country since the subprime market collapsed. Vice President of Real

Realtors in Tampa, Florida are finding themselves very busy, the phones are ringing, and the deadline is approaching for home buyers to qualify for the federal tax credit. The now extended First-Time Home Buyer Tax Credit offers up to an $8,000 tax credit to first-time home buyers and the Worker, Homeownership and Business Assistance Act of 2009 offers up to a $6,500 tax credit to move-up or repeat home buyers. In order for people to take advantage of these tax credits, buyers must have a fully executed sales contract by April 30, 2010 and the deal must close by June 30, 2010. The saying “time is of the essence” really applies here. The looming deadline of the federal tax credit, drastically reduced home prices and near record low interest rates have real estate professionals hopping. Transactions are closing, inventory is being reduced and many people are becoming home owners for the first time in their lives. These are all positive factors for the real estate market here in the Tam