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Sales of existing condos in Florida rose ten percent in September, with a total of 5,675 condos sold statewide compared
to 5,140 units sold in September 2009, according to the latest housing data released by Florida Realtors®.
Ten of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in September. Read More
Bonus For Buyers
For Owner Occupants that Buy Fannie Mae Foreclosures
Fannie Mae is offering special incentives exclusively for owner occupants that purchase property from its sizable inventory of bank foreclosures, also known as HomePath properties. Home buyers that purchase a Fannie Mae HomePath property as their primary residence by December 31 will receive up to 3.5% toward closing costs and a home warranty. These fantastic incentives for bank foreclosures (REO's) are unheard of – banks typically sell foreclosures “as-is” without incentives, warranties, or repairs. This could help Tampa home buyers to view a HomePath property more like a traditional sale, not a foreclosure, during their search process.
Owners and investors can purchase Tampa HomePath properties for 3% down and no mortgage insurance (PMI). For homes that are not in tip-top shape, Fannie Mae also offers the HomePath Renovation financing, which works similarly to FHA’s 203(k) mortgage by allowing the cost of light renovation to be included in the mortgage. Furthermore, owner occupants get a 15-day “first dibs” on HomePath properties through the First Look program.
Home Buyers should be sure to take a second look at Fannie Mae’s HomePath properties in Tampa Florida before settling on “the one.” It could mean not just a great deal but an excellent one!
View Fannie Mae’s HomePath homes
Options for Investors
Not only is it an awesome time to buy a home, but it’s the perfect time to buy an investment property. If you already own your own home and are not interested in moving to Tampa Florida – or you can’t because of the 3-year occupancy requirement to keep your home buyer tax credit – but still want to take advantage of the Tampa Bay market, investing in Tampa bank owned foreclosures can be a great way to do so.
In a current lending situation, the bank will often require home buyers purchasing Tampa investment properties to have 6 months reserves of mortgage payments and a twenty five percent down payment. This stipulation keeps many would be Tampa investors out of the market.
Here are some little known tips to help investors buy, regardless of the strict lending requirements:
- Investors can buy a Tampa Fannie Mae HomePath property for only three percent down!
- Any investor, not just veterans, can purchase a Veterans Affairs(VA) foreclosure in Tampa Florida with VA’s Vendee Financing for only five percent down!
- Investors purchasing a VA foreclosure with Vendee Financing can use 75% of anticipated rent to offset the monthly payment if the investor has experience managing rental properties.
Filed under: tampa home buyer, tampa investment, Tampa VA foreclosure, Vedee Financing, low down payement mortgage, foreclosure in Tampa Florida, homepath, fannie mae, tampa property, tampa investor, tampa investment properties
The housing market continues its slow recovery without the aid of the now expired tax credit. Sales are slower but growing, and prices remain on par with last year’s levels. Interest rates also hit a new historic low, a major factor in helping keep mortgage payments low, which is expected to spur sales.
The economy shone a bit brighter in September. It grew faster during the second quarter than expected, and companies continued to hire. Experts believe there is now less risk of a double-dip recession. Now, the Federal Reserve Board’s challenge is not if the economy will grow but how fast.
Experts anticipate both the economy and the housing market will continue their path on the way to a complete recovery. This march back up provides excellent opportunities: an ample selection of homes, affordable prices, and historically low interest rates.
Home sales began to rebound in August. This increase follows a large drop caused by the expiration of the Federal tax credit in July. Sales are expected to slowly rebound as the market finds its footing without leaning on the government for support. First-time buyers fell from 38% to 31% in August from July. Over the same time period, investors rose from 19% to 21%,
Overall home prices fell slightly in August compared to July, but major markets appear to be bucking trend as the Case-Shiller Index shows an increase of 3.2%.
Distressed properties accounted for a slightly larger proportion of sales in August compared to July. The discount in distressed properties helps explain the slight decline in August prices.
Total inventory came back below 4 million to 3.98 million in August, representing 11.6 months of inventory. While still at a relatively high level, months of inventory dropped by nearly a month in August from the 12.5 month’s supply in July.
Housing remains highly affordable, and prospective home buyers stand to benefit from the lowest mortgage rates in decades, as well as advantageous home prices. The ratio now stands at 14.9%, growing closer to the record of 13.6%.
Filed under: florida, tampa, tampa real estate, news, first time buyer, housing market, Tampa homes for sale, distressed properties, tampa houses, tampa homes, federal tax credit
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10.10.10 is the day to buy a new home in FishHawk Ranch (the #1 selling master-planned community in Florida) as Starling and Egret Landing, two new neighborhoods officially open. If you buy a new home in either of these new neighborhoods between October 10 and 20, you'll get $10,000 towards your home. This offer only lasts 10 days, and won't happen again. Don't miss out on 10.10.10.
Highland Park, Tampa, Florida - This 2 story home for sale located at 11515 Perfect Place has been sold.
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Towers of Channelside Now Fannie Mae Approved!
Financing on the Towers of Channelside condos was just approved by Fannie Mae for loans up to $417,000! For Tampa home buyers who have been waiting for the right moment... now is the time to purchase one of these amazing luxury 27 story hi-rise Tampa condos. The Towers of Channelside are some of the most luxurious condos in the Tampa Bay area and have huge balconies, amazing views of downtown Tampa Florida, Davis Island, Harbour Island, the port, Channelside and the beautiful water of Tampa Bay! Out of 257 of these Channelside condos, 70 percent are now sold with an additional 22 condos under contract. Developer units start at $178,000 for a 1 bedroom 1.5 bath unit. The Towers of Channelside condo maintenance fees start at $553 per month and include phone, cable, Internet and water. I know the fees sound a little pricey, but for the floor plans, the great location, the view and the amenities... I personally think that the higher HOA fee are worth the extra money. These Tampa condos are selling at a forty-five percent discount and Tampa condo prices have never been lower. With mortgage rates hanging below 5%, you can have a really low monthly mortgage payment! For the best deal contact a Tampa Mortgage broker who can shop the best deal for you on a Fannie Mae home loan. FYI... the banks have normally have higher mortgage interest rates which will cost you thousands more in the long run. For more info on the Towers of Channelside Condos for sale getting Fannie Mae approval, call (800) 975-7205.
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The US Department of Housing and Urban Development (HUD) made a change to its short refinance program that will enable mortgage lenders/ banks to provide more refinancing options to homeowners who are upside down in their mortgage. Starting 9/7/10, the Federal Housing Administration (FHA) will offer certain “underwater” non-FHA borrowers whose mortgage payments on their existing mortgage are up to date and whose lenders agree to write off at least 10% of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.
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If you owe more than your home is worth and want to aply for a short refinance please click here
The federal tax credit has expired, but it is still a great time to buy a Tampa home thanks to low mortgage rates and motivated Tampa Bay home sellers. Here are five good reasons why now is a great time for you to buy a new home:
1. Low mortgage rates serve as an equity shock absorber. Buyers will start building equity as soon as they close borrowing money at today’s record low rates. The home buyer can absorb a few ups and downs as the still recovering housing market gains traction.
2. Homes are in move in ready condition. Home sellers are continuing to spend money on maintenance and make needed repairs to their Tampa homes. As these houses enter the market, buyers are drawn to them because they don't have to do any repairs.
3. Great homes are coming on the market. Tampa Foreclosures are finally starting to clear the system, and they are being replaced by some fantastic homes.
4. Fannie Mae has finally adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market. This means that appraisal regulations are finally in line with today's Tampa real estate market
5. There are currently many programs that encourage middle class families to buy homes for sale in Tampa Florida despite the market downturn. Buyers who qualify for one of these programs can get a big boost by combining one of these programs with today’s super low mortgage interest rates.
Filed under: tampa real estate, 1st time homebuyer, Tampa homes for sale, down payment assistance, tampa fl real estate, tampa housing, tampa foreclosure, tampa home seller, grant money, tampa home buyer, tampa home, home buyers for sale in Tampa Florida, tampa mortgage rate
Tampa Home Seller's are discovering the cold reality of post-housing-bust prices: No matter what they think their house is worth, what matters is what Florida buyers are willing to pay. That can be a lot less in areas where the supply of houses for sale is swollen by foreclosures and short sales, often priced 20% to 30% below the ones being sold by financially healthy owners. read more
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Experts say short sales are better solution in Fla.; lenders may be willing to waive right to seek loan deficiency.
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Mortgage rates were unchanged this week at 4.57%, matching last week's record low.
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Shangri La, Seffner FL - The single story home at 817 Shangri La Drive has been sold.
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