For those qualified home buyers sitting on the fence waiting for something better…This is what you have been waiting for…From Washington May 29, 2009 approved $8000 tax credit for qualified home buyers accross the country to use as part of their down payment when buying a home. This program is through the Federal Housing administrationthat allows lenders to provide a short term bridge loan to help buy down interest rates, help pay for closing costs, or help the buyer make a bigger down-payment over the required 3.5% through FHA. Home buyers need to complete the process by November 1st of 2009.
For this housing market to turn around, we need to add more buyers buying and less housing inventory. This tax credit should help with the market upshift if we can just get home buyers out there. My team personally has experienced many buyers stepping up to the plate and taking advantage of this once in a lifetime real estate market opportunity, but still have many buyers just waiting for the opportunity to get better.
Shaun Donovan, secretary of the Department of Housing and Urban Development, announced the news/approval to several thousand Realtors at NAR’s Real Estate Summit. Through this program, home buyers can take advantage of the credit at the closing table instead of waiting for tax filing. This is part of Obama administration housing stimulus plan which was enacted earlier in the year. In order for the economy to turn around we need for the housing market to recover. Hopefully this will help us all.
If you are looking to take advantage of this great opportunity, don’t hesitate to contact us as we would be happy to help you. We can set up a search for you or if you would just like to search for neighborhood information or homes for sale check out our website www.homesbyjulieanne.com and you can set up a home search yourself.
Posted By: Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty
CDPE Certified for Short Sales and REO