Gerry Suarez Jr- Your FHA Loan Pro!

The Lake and Sumter Counties Home Builder's Association Parade of Homes kicks off this weekend, Saturday February 21 with great deals on new, never lived in homes for sale. The great incentives being offered by builders, coupled with the new $8000 tax credit for first time buyers makes it an excellent time to buy.

Also remember if you want to have a home built to order, and want to be able to collect on your $8000 credit, you need to start construction within a few months so you can be closed by the November 30, 2009 deadline.

Yu can get more information at the Lake/Sumter HBA website here.

Look forward to seeing you there, and Happy Parading!

Gerry Suarez, Jr.

Your FHA Loan Pro!

The Lake and Sumter Counties Home Builder's Association Parade of Homes kicks off this weekend, Saturday February 21 with great deals on new, never lived in homes for sale. The great incentives being offered by builders, coupled with the new $8000 tax credit for first time buyers makes it an excellent time to buy.

Also remember if you want to have a home built to order, and want to be able to collect on your $8000 credit, you need to start construction within a few months so you can be closed by the November 30, 2009 deadline.

Yu can get more information at the Lake/Sumter HBA website here.

Look forward to seeing you there, and Happy Parading!

Gerry Suarez, Jr.

Your FHA Loan Pro!

The Lake and Sumter Counties Home Builder's Association Parade of Homes kicks off this weekend, Saturday February 21 with great deals on new, never lived in homes for sale. The great incentives being offered by builders, coupled with the new $8000 tax credit for first time buyers makes it an excellent time to buy.

Also remember if you want to have a home built to order, and want to be able to collect on your $8000 credit, you need to start construction within a few months so you can be closed by the November 30, 2009 deadline.

You can get more information at the Lake/Sumter HBA website here.

Look forward to seeing you there, and Happy Parading!

Gerry Suarez, Jr.

Your FHA Loan Pro!

OK, Obama signed it yesterday making it law. All of us in the industry wanted more and feel the economic stimulus package passed us by, for the most part. Yea, we got more money for RD loans and don't think the higher FHA loan limits is insignificant; but we needed more. At the top of it all we got the tax credit that doesn't need to be paid back. So what can we do with that?

We can sit back and complain about it. We can emphasize the negative, that you have to pay it back if you rent or sell your home within three years. Or we can recognize it for what it is- a great resource for first time buyers. When you consider a first time buyers biggest hurdle is finding a way to save for downpayment, and that they frequently expend every penny they have when they buy. That leaves them in an economically precarious position when they actually move in, and they know it.

That's why all the first time buyers I have spoken to about the tax credit are excited about it. They recognize it can be the safety net- "reserves" we call it in the business- that may represent more money than they have ever saved. They understand it creates incentive for them t buy now, even if they feel home prices may continue to decline, because it reflects 7.5% of $120,000 purchase. They know it can go far in improving their lives, and many want to cash in.

So again, what can we do about it?

•· -I'm going to try to let everyone who can benefit from it know about it. The National Association of Home Builder's has already updated their site to reflect the new credit. You can see it here:

http://www.federalhousingtaxcredit.com/

You will notice the site is referenced in my email signature. I suggest you all do the same.

•· -Many of you know about the "bandit" signs I use with sign riders touting the "move in with a penny down" USDA Rural Development program. I will be making riders letting buyers know "you can get $8000 for buying this home". To my business partners getting this email, let me know if you want some for your listings. My first batch is due in for this weekend, and don't forget the local Lake County Parade of Homes opens this weekend and runs until March 1^st.

•· -Realtors and builders, you can help promote it by adding sign riders to your signage. From billboards to bandit signs it can serve to increase awareness and generate interest.

First time buyers are what will get this market going again. Their purchases will free up first time move ups to buy and the cycle will feed itself. I've read blogs stating this money would have been better spent on current homeowners since it would have encouraged not only a sale but another listing that could result in a sale. I personally disagree wholeheartedly with that, knowing full well what we need is a reduction in inventory to help us now. Also do know to that something very similar to this program was tried, reportedly with much success, in the DC area.

So let's go out and fix housing ourselves folks. We are the industry and in the end it will rest on our shoulders.

Gerry Suarez, Jr.

Your FHA Loan Pro!

As reported in a CNN Money article today, State Farm will be pulling out of Florida. This reaction is reported to be a result of being denied a whopping 47% rate hike, and the insurer announced it will no longer be writing new policies or renewing existing ones.

Florida's unique hurricane risks continue t be a nightmare for private industry. Will we be seeing a loan public insurer like Citizen's, who is the largest individual insurer already; or can this pen the way for other smaller insurers to spread their risk and provide more effective coverage? Only time can tell but it appears the line has been drawn in the sand.

It remains to be seen if other lucrative State Farm lines f business will be allowed to operate in Florida. Would it help us or hurt us to make an example of them? Chime in with your thoughts!

Gerry Suarez, Jr.

Your FHA Loan Pro!