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Tampa Home Mortgage Loan Limits Increase
Many Tampa mortgage lenders have shifted their focus to FHA home loans because Florida borrowers can get access to more cash with less equity being required. FHA loans allow borrowers to get cash out up to 95% in refinance transactions. Our mortgage lenders offer competitive low rates to qualifying homeowners who meet the conforming and FHA criteria.
Looks like rising interest rates have leveled the Tampa housing market after six months of solid growth. Home prices in the city have climbed steadily since the first of the year. Figures released from the Tampa Association of Realtors shows housing sales prices fell from January to February but since then have climbed steadily from $269, 457 during the first quarter to $312, 356 at the beginning of the third quarter.
 The prime interest rate has climbed around one point since the first of the year before leveling off for three months in a row. During those three months, home sales have slowed and stayed the course. Florida mortgage brokers reported a slight drop in second mortgage rates and the volume for home equity loan applications increased slightly for this period.
"The number of homes for sale has swelled dramatically over the last few months, says realtor Melissa Cone."The reasons for this increase in inventory are related to typical summer home sales, combined with investor homes that are flooding the market, and home builders offering deep discounts and incentives to keep new home sales moving." Tampa home sales grew from 1,262 in January to just more than 2,000 in May and have hovered right around the 2,000 market, except for a slight drop into the 1800 home sold range for July and August. "Savvy buyers are looking for homes that offer buyer incentives. Plus buyers are making offers that are several thousand dollars below asking price just to see how willing sellers are to negotiate, says Cone. "Buyers are being more selective because they have a greater number of homes to choose from this year than last year. The number of homes being listed is outpacing the sales numbers approximately 2 to 1."
Recently, HUD raised the Tampa mortgage maximum limits for 2008 and the loan changes can be seen below by county.
MSA Name |
County Name |
State |
One-Family |
Two-Family |
Three-Family |
Four-Family |
TAMPA-ST. PETERSBURG- CLEARWATER |
PASCO |
FL |
$292,500 |
$374,450 |
$452,600 |
$562,500 |
TAMPA-ST. PETERSBURG- CLEARWATER |
HERNANDO |
FL |
$292,500 |
$374,450 |
$452,600 |
$562,500 |
TAMPA-ST. PETERSBURG- CLEARWATER |
PINELLAS |
FL |
$292,500 |
$374,450 |
$452,600 |
$562,500 |
TAMPA-ST. PETERSBURG- CLEARWATER |
HILLSBOROUGH |
FL |
$292,500 |
$374,450 |
$452,600 |
$562,500 |
Second Mortgage Loan Volumes Increase Throughout Florida
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Refinance with a Fixed Rate Mortgage |
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125% Home Equity Loan Rates |
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Home Mortgage Loans to 100% |
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Mortgage Loan Consolidation |
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Tax Deductible Second Mortgages |
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Refinance your debts into
one low monthly payment. |
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No PMI & No Mortgage Insurance |
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 Nationwide Mortgage Loans offers great interest rates home purchase, refinance and second mortgages for homeowners residing in Florida who are looking to get cash out of their home. Our mortgage brokers offer free loan comparison quotes for all Tampa residents. Compare fixed interest, as well as, adjustable rate home equity lines of credit that feature interest only payment options.
At this time, most people are taking out fixed rate second mortgages to refinance long term debt, like credit cards or variable rate loans that have recently experienced significant increases in interest rates and monthly payments. Most people are using the adjustable rate credit lines for short term financing for construction, and home improvement projects. |
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