An opportunity has been given to first time home buyers that offers an awesome way for you to own a piece of the American dream! The Housing and Economic Recovery Act Of 2008 is available to first time home buyers right now and will only last until July 1, 2009.

Here is some valuable information made available from the Nation Association of Realtors that will help you sort out some of the details.

• FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
  View 2009 FHA and GSE loan limit estimates (PDF)
  FHA Reform Chart (PDF)
• Homebuyer Tax Credit – a $7500 tax credit that would be would be available for any qualified purchase between April 9, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).
  First-time homebuyer tax credit chart
  Frequently asked questions about the first-time homebuyer tax credit
• Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.
  More about the seller-funded downpayment assistance provision
  Tips to finding downpayment assistance programs (PDF)
• VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.
• Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.
• GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.
• Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.
• National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.
• CDBG Funding – Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.
  More about the CDBG funding provision
• LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.
• Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.

This offer is available for any qualified property purchase in the Tampa Florida area including: Tampa, Brandon, New Tampa, Lutz, Riverview, Apollo Beach, Land O Lakes, Westchase, Plant City, Bloomingdale, Lithia and others.

Jeff Daniels is a Licensed Realtor working in the Tampa bay area for over 18 years. Visit www.TampaFloridaHomeFinder.com  for everything you need to make Florida home. Keller Williams Realty (813) 684-9500 ext 237

   

*10.0% of purchase price not to exceed $7,500 (that means any purchase over $75,000 will be elligable for full amount of credit)

Jeff Daniels  Keller Williams Realty 2119 W. Brandon Blvd. Brandon Florida 33511 (813)684-9500 ext 237