Home Buyers Beware: Avoid these 12 Unpleasant Mortgage Surprises

December 5, 2009 By Leave a Comment

Don't be left at the alter without a loan! The Tampa real estate market is seeing a high percentage of transactions fall apart during the contract process due to financing issues. One thing we have learned over the years holds true: “Promises and personalities do not ensure success, process does”. To avoid the pitfalls below, Team Bohannon used a Home Buying System to ensure the lender has … [Read more...]

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Fed Says 1 in 3 Loan Applications Denied

October 1, 2009 By

Pre-approval is more important than ever for Tampa home buyers. According to a Federal Reserve study, nearly one in three borrowers applying for a loan in 2008 was denied as lenders enforced tight standards to respond to the mortgage crisis. Many buyers are denied even though they have a pre-qualification letter, which can lead to expensive last minute surprises before closing.  To avoid … [Read more...]

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White House Prods Lenders to Move Faster

July 19, 2009 By

Frustrated with delays on mortgage modifications, refinancing and short sales? Think that banks are unresponsive? You are not alone.  Treasury Secretary (and noted tax dodger) Timothy F. Geithner is pressuring the country's largest banks to speed implementation of the federal foreclosure prevention program known as Making Home Affordable.   Many Tampa homeowners have applied for mortgage … [Read more...]

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Accelerate the First Time Home Buyer Tax Credit

July 11, 2009 By

If you have not owned a home in 3 years, then you might qualify for the first time home buyer tax credit. While the $8000 tax credit is great, many buyers do not want to wait until next April 15th to recoup the $8000. Our trusted CPA partners may have some solutions for obtaining the $8,000 quicker: after closing, you can amend your 2008 tax return and receive the money in a few weeks. In fact, … [Read more...]

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Making Home Affordable Refinance Program Expanded

July 10, 2009 By
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Have you though about re-financing your Fannie Mae loan to take advantage of today's low interest rates? Were you ineligible because your home had dropped too much in value to appraise? The Making Home Affordable Refinance program is designed for homeowners who are current on their mortgage, but who are not able to take advantage of today’s low rates because they are currently upside down on … [Read more...]

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Homepath – Special Financing on Government Foreclosures

July 8, 2009 By
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Act now for special financing on Fannie Mae foreclosures in the Tampa metro market. Go to Homepath.com to see if a property is  owned by Fannie Mae and qualifies for HomePath Mortgage financing.  Enter a target zip code to search for available foreclosures. For example, here are the foreclosed homes, townhouses and condos in New Tampa (33647) that qualify: FannieMae New Tampa … [Read more...]

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Closing Costs: What to Expect When Buying a Home in Tampa

July 1, 2009 By

Question: I'm a first-time home buyer and I am not clear on all the costs involved in purchasing a home in Tampa. I have enough money for a down payment, but what other costs will I see? How can I minimize the required costs? Answer: The primary costs are listed below, along with some ideas on how to reduce the impact. We recommend contacting a local Tampa lender to obtain a pre-qualification … [Read more...]

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Mortgage Rates, 100% Financing & PMI News

June 30, 2009 By

After a busy week in the financial markets, mortgage rates continue to hold steady near historic lows.  Strong demand at Treasury auctions pushed mortgage rates slightly lower.  However, concerns are mounting that the enormous expansion of government debt and the explosion of the money supply will result in higher interest rates and inflation. For homes priced under 303,000, FHA loans are … [Read more...]

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Everyone Wants a Lower Price, But What About the Impact of Interest Rates?

June 15, 2009 By

When shopping for a home in  the Tampa Bay area, the natural tendency of a buyer is to want to pay the lowest price possible. It's important to keep in mind, however, that the sales price is not the only factor that determines what your monthly payment will be. In fact, the impact of higher interest rates can easily nullify any benefit of waiting for a lower price.   Why Should I Rush to Buy a … [Read more...]

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Buy a Home for Under 303K with just 3.5% Down!

April 22, 2009 By

Great News for home buyers in Tampa - the FHA has restored the 2008 loan limits. Even though the median home price is down 41% from peak levels, the FHA loan limit remains at at over twice the median sale price.  As a result, Tampa home buyers can put down as little as 3.5% on a single family home priced up to $303,108, (max loan amount of $292,500).  Of course a sales price can exceed this … [Read more...]

Filed Under: Buying a Home, Financing Tagged With: ,
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