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Local Credit Union Soars with Rebounding Real Estate Market

Tampa, FL - (Friday, March 27, 2009) – With the banks tightening their credit and the sub-prime lenders gone, people are walking into Tampa Bay Federal Credit Union (TBF) and discovering more than one reason to sit down and talk real estate.

Dean Clark, Manager of Real Estate Lending/Servicing for TBF said, “Reviewing the spring 2009 Multiple Listing Service (MLS) numbers, we have seen a dramatic 37 percent increase over the number of homes sold last year at this same time. Contributing factors include; reduction in home inventory for resale, which provides a more stable market. This attracts renters and first time home buyers into the market.”

As a not-for-profit organization, TBF is the sole servicer of a loan; as opposed to a typical scenario where a loan is sold over and over again by traditional banks. Advantages of a credit union like TBF are simply having a local lender, local servicer and local loan decisions. Add lower closing costs, exemption from intangible tax, no origination fees, no underwriting fees, no processing fees, and no third party broker fees and competitive interest rates and anyone in the market might wonder why they didn’t walk into a credit union sooner.

Clark went on to say, “Applications are also soaring because of a 35 year low in Home loan rates along with current home prices being more realistic to true value, opposed to inflated values we have seen over the last 10 years. These combinations lead to more affordable financing and payments for the average family. Add President Obama’s $8,000 tax credit for first time home buyers and TBF’s competitive programs and closing fees and it’s hard to find a better deal anywhere. TBF is a community chartered credit union with origins from the City of Tampa and is now available to everyone in the Tampa Bay Community.

For more information on Tampa Bay Federal Credit Union, please visit their Web site at www.tampabayfederal.com and click on the Home Express link or call (813) 247-4414 ext :7601.