$8000 First Time Buyer Credit Set To End 12 1st 2009
One of the most prominent factors increasing florida loan modification into the first time home buying market has been the Government’s $8000 tax credit incentive for florida va loan.
This program has been a huge advantage to first time home buyers (actually classified as anyone not having owned a home in the last 3 years) that had previously been on the fence pondering when the market was going to hit bottom.
With the recent Federal Reserve Treasury Secretaries announcement that the recession is finally over, we think it’s wise to point out that this market has probably reached it’s bottom. There has been over a year for investors to purchase up some of the reduced priced foreclosed homes on the market. New construction has not even played a factor in the home market since late 2007.
Now the Government incentive is ending as of December 1st of 2009. Since economic indicators are beginning to look favorable it is not likely that this program will be extended past the December closure date.
This means that any persons looking to use of the $8000 tax credit must close on their transaction by December 1st. Since it can take more than 30 days for the finance process on Government mortgage programs, that means anyone looking to take advantage of the $8000 tax credit needs to be under contract by November 1st of 2009. That is only six weeks from now!
If you have been waiting for home prices to come down… we STRONGLY urge you to act now so that you can claim your $8000 tax credit this year! Time is running out for you.
Note rates are still VERY low, below 5% today. If you have been considering purchasing a home in the near future or know someone who might be, please have them act now to ensure they get their $8000 tax credit.
Many states have found ways to borrow against the $8000 tax credit as a down payment, but Florida is not one of those states. Lenders in Florida are not currently allowing the $8000 tax credit to be used as down payment. However, a gift from friends and work are still allowed. In addition all programs allow the seller to contribute to your closing costs!
This is an exceptionally rare Government program that we don’t expect to see again soon. We hope that anyone that is prepared and was looking to buy soon will act fast and ensure that they receive their $8000 tax credit this year as well as a low fixed interest rate!
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