The home buyer tax credit is history for many FL home buyers still searching for their first or next FL home.  We were all hoping for some sort of extension which never came.  That is, unless you are a qualified US Veteran serving overseas.

Members of our US armed forces as well as number of Federal employees on official extended duty (any period of extended duty outside of the US, for at least 90 days, between the periods starting December 31st, 2008 and ending May 30th, 2010) have an extra 12 months to purchase their next FL home and still qualify for the $8,000 tax credit that has expired for others.

The extension allows Veterans or qualified Federal employees to secure a binding contract on or before April 30th, 2011 and close on their new FL home by June 20th, 2011.  Veterans do enjoy advantages when using their VA Entitlement towards a FL VA home loan.  But keep in mind, other mortgage programs available include; FHA home loans, VA Jumbo loans, Fannie Mae conventional programs, etc.

As 2008 rolls along here in sunny Florida, public schools have reopened for eager students, the hurricane season shifted gears, and home prices have dropped enough to make Florida jumbo home seekers very happy.  But some things haven’t changed this time of the year for those new Florida dream home buyers.  Florida jumbo mortgage loans still carry very high interest rates.  What to do….

One mortgage scenario that just keeps giving Florida jumbo home buyers a huge advantage is the ever popular Split Mortgage.  Jumbo mortgage loans can be split into smaller 1st and 2nd mortgages.  This allows for lower fixed rates and lower payments, especially if the 1st mortgage is rduced to $417,000, the coventional loan size limit.  2nd mortgages can then be provided with either fixed rates or interest-only home equity lines of credit.  And some equity lines of credit in Florida are available with no closing costs, saving you even more.

There are other ways to get around today’s higher fixed rate jumbo mortgages in Florida.  For more information call one of our Florida Mortgage Professionals at 888.399.0520 or visit our website at www.beechtreemortgage.com.

When Fannie Mae and Freddie Mac were allowed to purchase mortgages above the conforming loan limit of $417,000; everyone expected conforming interest rates for jumbo sized mortgages.  We have received many calls regarding this new program and must then update Florida homeowners or home buyers with the details.

We all know that current Jumbo loan interest rates are ridiculously too high. Whether you’re ooking for a 30 year fixed rate or one of several Jumbo ARM programs; the rates are high.  That’s where the new Jumbo Conforming program does help.  The new Jumbo Conforming interest rate is higher than true conforming loans under the $417,000 amount; however, it is much lower than today’s typical Jumbo mortgage.  Keep in mind, that just because the program lifts the limits on Fannie Mae and Freddie Mac mortgage limits, the rate is slightly higher to offset assumed risk.

In Florida, the new Jumbo Conforming loan limitincreases only applied to 7 counties; Broward, Collier, Manatee, Miami-Dade, Monroe, Palm Beach and Sarasota. In fact, Palm Beach county is enjoying an increase in loan size from $417,000 to a whopping $423,750.  That helps? The remaining counties in Florida are still restricted to the $417,000 limits.

Please take time when shopping for your new Jumbo Florida mortgage; by speaking directly with a seasoned Mortgage Professional and remember; if you’re a Florida Veteran, VA home loans are available with very low fixed rates and loan amounts up to $1,000,000. Questions can be answered by calling our team at 888.399.0520.