One of the biggest issues increasing florida va rates
home owners into the first time home buying market has been the Governmentâ€™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 itâ€™s wise to point out that this
market has probably reached itâ€™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 fenceâ€¦ we STRONGLY urge you to act now so that
you can claim your $8000 tax credit this year! Time is running out very
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
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 donâ€™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!