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Five Stars Florida

Florida's leading home loan mortgage resource - USDA, FHA, VA

By Five Stars Mortgage | Mortgage Broker
or Lender in 32257

$8000 First Time Buyer Credit Finishes 12 First 2009

One of the biggest issues increasing florida va rates home owners into the first time home buying market has been the Government’s $8000 tax credit incentive for florida stated income loan.

This program has been a significant 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 wondering when the market was going to hit bottom.

With the recent Federal Reserve Treasury Secretaries statement that the recession is nearly 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 rock bottom priced foreclosed homes on the market. New construction has not even played a factor in the home market since late 2007.

Now this tax credit 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 mark.

This means that any first time home buyer looking to get of the $8000 tax credit must close on their purchase prior to December 1st. Since it can take up to 30 days for the mortgage process on conforming 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 on the fence… we STRONGLY urge you to act now so that you can claim your $8000 tax credit this year! Time is running out very quickly.

Financing 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 leverage the $8000 tax credit as a down payment, but Florida is not one of those states. banks 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 very 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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