One of the primary reasons driving florida va loan into the first time home buying market has been the President’s $8000 tax credit incentive for florida purchase.
This program has been a large advantage to first time home buyers (actually classified as anyone not having owned a home in the last three years) that had previously been on the fence pondering when the market was going to hit bottom.
With the recent Federal Reserve Treasury Secretaries projections that the recession is actually over, we think it’s wise to point out that this market has probably run it’s course. There has been over a year for buyers to buy up some of the reduced priced foreclosed homes on the market. New construction has not even played a factor in the mortgage market since late 2007.
Now the first time buyer incentive is ending as of December 1st of 2009. Since economic indicators are beginning to turn optimistic it is not likely that this program will be extended past the December mark.
This means that any first time home buyer looking to get of the $8000 tax credit must close on their transaction prior to December 1st. Since it can take more than 30 days for the mortgage 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 interest rates to fall to a certain price to jump into the market… we STRONGLY urge you to act quickly so that you can claim your $8000 tax credit this year! Time is running out fast.
Note rates are still VERY low, below 5% today. If you have been pondering purchasing a home in the near future or know someone who might be, please have them act with haste to ensure they get their $8000 tax credit.
Many states have found ways to utilize the $8000 tax credit as a down payment, but Florida is not one of those states. Mortgage companies in Florida are not currently allowing the $8000 tax credit to be used as down payment. However, a gift from family 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 now and ensure that they receive their $8000 tax credit this year as well as a low priced home!
Gain important advice about hosting – please make sure to study this site. The time has come when proper info is really at your fingertips, use this chance.
RSS FEED
