There are several changes taking place in the Florida Real Estate market that I believe will improve current conditions. 

• There is now a tax incentive for first time homebuyers of up to $7500.  At this time, the tax incentive is good for only first time homebuyers (you are considered a first time homebuyer if you haven't purchased a home in the last three years).  The National Association of Realtors is trying to get legislature to extend the tax credit to all homebuyers.  This credit currently expires July 1, 2009 so don't procrastinate.
• Home loans are more readily available and intereste rates are at an all-time low. 
• Mortgage lenders employ higher standards.  One of the main reasons our housing market has tanked is because of lenders who dealt in subprime lending.  An estimated 1.5 million ARMS will readjust to higher interest rates this year leaving homeowners unable to make the higher mortgage payments.  New legislation has been passed that will allow borrowers to refinance into a more affordable mortgage.
• Tighter lending practices will ensure borrowers are actually qualified for an amount they can realistically afford. 
  
• Fannie Mae and Freddie Mac has raised the limits onf the mortgages they guarantee from $417,000 to $625,500 and the Federal Housing Administration will raise their loan limit to $625,500. 
  
• The FHA will also help existing homeowners refinance their current mortgage into a lower interest rate, which will reduce monthly payments by hundreds of dollars and hopefully prevent a foreclosure.

If you have ever dreamed of owning a home, now is the time to get pre-qualified for a mortgage and contact your local Realtor to get you started.

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