TAMPA, Fla. (8/31/09)--A great impetus for first-time home buying is courage, according to Tampa Bay FCU (TBFCU). “Historically speaking, recessions get worse because people are afraid and cut all their spending with drastic measures,” said Dale Schumacher, CEO of the $278.9 million asset, Tampa. Fla.-based credit union. “Naturally, fear is contagious; I stop spending and you stop spending. “However, part of our management philosophy is to lead by example and that means having courage and faith in tough times,” he continued. “Faith and courage are contagious as well. And that’s what will stop this recession” (PRNewswire
Aug. 18). TBFCU said it offers many advantages to first-time home buyers:
* Lower closing costs; * Exemption from intangible state tax; * No origination fees; * No underwriting fees; * No processing fees; * No third-party fees; and * Competitive interest rates.
The time to buy is now, said Dean Clark, TBFCU manager of real estate lending/servicing. “The housing market remains under distress because the mortgage subprime market collapse brought down the average sales price of homes for first-time buyers--qualifying people for homes that would otherwise be out of reach,” Clark added.