Quit Renting in Tampa Bay

WASHINGTON – Feb. 23, 2010 – The National Association of Realtors® and other industry groups again are pressing U.S. lawmakers to extend the homebuyer tax credit. Legislators have done so twice already, but realty practitioners say the housing market is still fragile and the incentive is a sorely needed shot in the arm.

Realtors are stressing to elected officials that this is an election year for many, and that a series of other market supports are already in the process of being eliminated.

Finally, NAR and other industry groups argue that the credit should be renewed because banks are taking too long to approve short sales.

LOS ANGELES - Sept 10, 2009 - First-time homebuyers have just 12 weeks to find and close on a home to qualify for the $8,000 federal tax credit by Nov. 30 - before the Dec. 1, 2009, deadline.

Those just beginning the process will have to beat the average time it takes to buy a home, a challenge that real estate professionals can help buyers meet even though it’s taking longer today to close most transactions today, according to Realtor.com officials.

On average, first-time buyers search 12 weeks to find a home, while closing can take up to 60 days, depending on individual circumstances and local regulations.

Additionally, the tax credit has proved to be extremely popular this year: studies show that taking advantage of the first-time homebuyer’s federal tax credit and relevant state incentives is the most important reason motivating 10.8 percent of buyers today. In fact, approximately 1.14 million buyers have already filed for the credit. Many more are expected to file for the credit when income taxes are due April 2010.

Historically high affordability is a major factor driving first-time homebuyers today, a growing group that accounted for one third of all purchases in July 2009, according to a survey by the National Association of Realtors®.

NAR’s affordability index in July 2009 was 36.0 percentage points higher than July 2008. Under these conditions, the typical median-income family can allocate 15.8 percent of their gross income to mortgage payments, well below the traditional allowance of 25 percent. Interest rates, which play a major factor in affordability, remain low, and averaged 5.22 percent in July for a 30-year fixed rate loan.

Realtor.com President Errol Samuelson said, “The national median home today costs approximately $174,100. By moving quickly to find and close on a home by Nov. 30, first-time buyers qualifying for the $8,000 tax credit can actually purchase this same home for only $166,100, an almost 4.5 percent discount off of the price of a typical new home. Because affordability this year is at its highest level in 28 years, and the market offers an incredible selection of homes within reach of most first-time buyers, we expect their numbers to grow as they pursue this once-in-a-generation opportunity to become homeowners.”

He added that by combining the effective use of technology for information-gathering with expert advice from local Realtors, today’s first-time home buyers can beat the clock and use the $8,000 federal tax credit, along with any available state-level credits, to purchase a home before the Dec. 1 deadline.

“By moving quickly, being prepared to make decisions in the face of increased competition, and using the expertise of a real estate professional, first-time homebuyers can still close on time and qualify for the $8,000 federal tax credit,” Samuelson said

First-time homebuyers and those thinking about refinancing are in a great place.  Mortgage rates just fell for the third straight week, according to mortgage finance firm Freddie Mac.

If you’re buying a home
Get ready for paperwork. Have your bank statements, W-2 wage and tax statement and pay stubs organized.

Having all the documents upfront will speed the application process.

Check your credit score. The most widely used score is the FICO, which ranges from 300 to 850. Your score, based on information in your credit report, helps lenders predict how likely you are to make your payments on time. The higher the number, the better the chance you’ll be approved for a loan at a low interest rate. Clean up your credit score.  Catch up on any late payments and pay off or pay down your debt.

First-time buyers have a sweetener in the form of an $8,000 credit on federal income taxes for homes purchased before Dec. 1.

It’s critical that you have a down payment because lenders want to see that you have skin in the game. Mortgages insured by the Federal Housing Administration (FHA) require a 3.5% down payment, which can come from a family member, employer or charitable organization as a gift. For a non-FHA-insured loan, lenders are requiring a 10 to 20 % down payment.

.  .  .  .   $7,997      $7,998     $7,999      WHOA!  $8,000.00   FREE!

You must be in your new home on or before November 30, 2009 to receive your $8000 1st Time Home Buyer Tax Credit.

For more information and help finding and buying your new home in the Tampa Bay area, contact Team Sumberg : info@TeamSumberg.com (866) 323-3981

 
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can’t be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year–and improved upon earlier this year–to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Team Sumberg is your best Tampa Bay Real Estate Resource.  Contact us: info@TeamSumberg.com (866) 323-3981

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Breaking news: Tax Credit Can Be Used on Closing Costs.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home-the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer’s income-single buyers with incomes up to $75,000 and married couples with incomes up to $150,000-may receive the

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Breaking news: Tax Credit Can Be Used on Closing Costs.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home-the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer’s income-single buyers with incomes up to $75,000 and married couples with incomes up to $150,000-may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

In the Tampa Bay area, contact Team Sumberg for assistance with buying your first home.  info@TeamSumberg.com  (866) 323-3981

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages rose to 5.29 percent this week, from an average of 4.91 percent a week earlier. It was the highest weekly average in nearly six months

The average rate on a 15-year fixed-rate mortgage rose to 4.79 percent this week from 4.53 percent, according to Freddie Mac

The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for 30-year and 15-year mortgages, and averaged 0.6 point for five-year and one-year adjustable rate loans.

Qualifying for a loan, however, is still tough. Lenders have tightened their standards dramatically over the past year, so the best rates are available to those with solid credit.

Tampa Bay’s Real Estate Market is rebounding.  If you’re considering purchasing a home, it’s doubtful you will find better prices or mortgage rates than we have now.  Contact Team Sumberg for assistance finding and buying your new home.  info@teamsumberg.com (866) 323-3981

Facts about your $8000 1st Time Home Buyer Tax Credit.

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home-the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer’s income-single buyers with incomes up to $75,000 and married couples with incomes up to $150,000-may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

In the Tampa Bay area, register for one of our FREE 1st Time Home Buyers Class/Seminars.

Program a boost to new homebuyers

TAMPA, Fla. – April 22, 2009 – Experts say it’s a first-time homebuyer’s market. Low interest rates and falling housing prices are good news for renters ready to make a move, and one local group aims to help such buyers through the process – from securing a mortgage to coming up with the cash to make a downpayment on the home of their dreams.

The Realtors Care Foundation, a nonprofit arm of the Greater Tampa Association of Realtors, was established in 2007 to provide educational and housing programs and services to Hillsborough County residents.

The group recently launched a downpayment assistance program to help prospective first-time homebuyers.

“People who want to purchase a home in Hillsborough County need to be aware that we are here to help,” said Jim Selvey, foundation president.

To qualify for the program, applicants – first-time homebuyers or those who have not owned a home in the past three years – must purchase a single-family house, condominium or townhouse and meet income limits established by the U.S. Department of Housing and Urban Development.

Applicants also must agree to remain current on property taxes and homeowner association fees and certify that they will remain owners for a minimum of five years.

The group holds fundraisers and solicits private donations to fund the program. Grants are reviewed and awarded by committee.

“The goal is to help as many as we can,” Selvey said.

The foundation will hold a golf tournament to benefit its charitable programs May 28 at Buckhorn Springs Golf and Country Club in Valrico. Registration includes 18 holes, cart and lunch and costs $90. To sign up, contact Sarah Hepburn at (813) 879-7010.

Our own Anita Estacion has been appointed to several Tampa Bay group whose focus is on  affordable housing, down payment assistance and fair housing Committee.  For more information on these programs, please contact Anita.

Anita.Estacion@TeamSumberg.com  (813) 846-6982

Sunday - April 19, 2009

Our Florida Real Estate Market was again mentioned on National News this evening on TV.  The fetured story was about the opportunities First Time Home Buyers have right here in Florida and especially here in the Gulf Coast area. 

They reported that with prices and mortgage rates at extreme lows coupled with the $8,000 tax credit available to First Time Home Buyers, our market has seen the bottom and is begining to climb. 

I have to say that we have seen this here in Tampa Bay.  We are seeing multiple offers on homes and in some cases, these offers are above the asking price.  Homes that were priced at $200,000 and beyond just a couple years ago are now being sold for half or even less.

For more information on our Tampa Bay real estate market or 1st Time Home Buyer Programs contact Team Sumberg.  info@TeamSumberg.com  (866)323-3291