Warning: If You Plan on Buying a Pinellas County Home and Need 100% Financing – You’ve Only Got 17 Days Left to Get Under Contract – or You’ll be Waiting for Years

You will not be able to get a 100% home loan with most major US banks after January 2, 2008, or ANYWHERE effective January 15, 2008.

It was just announced that there’s a very important change in the US mortgage industry that will be taking place. Fannie Mae (FNMA) lending guidelines are changing, and most most major banks are implementing the change at the 1st of the year before the January 15, 2008 deadline.

In just a few short weeks the standard 30 Year Fixed will now require at least a 5% down payment. FNMA will implement a 5% reduction in Loan to Values (LTVs) for all loans in a “Declining Market”. They are eliminating 100% financing through FNMA’s Flex 100 and My Community Loans. Currently FNMA is the only 100% financing loan in the market.

See Housing Wire’s Fannie Mae Introduces “Adverse Market Fees’ for other treats we have in store.

The Tampa Bay Market is affected by this change. If you’re in the market for a Palm Harbor Home or Dunedin Home – you’d better hire a Realtor today to help you get you approved and under contract now.

This news is yet another sign that the mortgage industry is altering how they do business.

If you want to buy a home…

TODAY IS THE DAY TO DO IT, before any more changes take effect.

Sadly, I’ve been urging many would-be buyers of short sale homes that time was running out. And for those with less than 10% down, it’s already too late to buy a Pinellas short sale. But there are many fantastic Dunedin homes, Crystal Beach, FL homes and Pinellas County homes available at Pinellas County foreclosure prices.
I can’t over-stress the urgency of this news if you don’t have substantial down payment and closing cost money saved.

‘How does this affect me?’, you’re probably wondering. We have several lenders who we know and love who have agreed to put in extra hours over the next few weeks who are ready and available to discuss your specific situation in confidence.

Call us at 727-366-0324 or e-mail us at and we can put you in touch with one of them and set an appointment to see only the best homes available. There’s no time to waste seeing the “junkers”!

I’d recommend canceling those trips to Caladessi Island and the Innisbrook Golf resort this weekend and plan on house hunting instead. By the way, as we’ve been saying for months, there are tons of fabulous buys out there, so let’s go do it!

Other things you can do...