Hi all!
Spring break is still on in many parts of the state and country, and state legislators are trying to come up with a program where first time home buyers can use the $8,000 tax credit they will receive buying a home prior to December 1, 2009 as their down payment for the home they do buy.
The point being that as a first time home buyer, you will be receiving the credit when you file your 2009 tax return. This could be a good idea, create more jobs, and put money back in to the economy this year instead of next--AND also allow people to get in to homes that will qualify for a loan, but do not enough for a down payment.
Keep in mind that the home needs to be owner-occupied, and the first time home buyer cannot have owned a home in the last 3 years.
While this would be a great idea, due to the time it takes to pass new legislation, there is a slim possibility that it will happen. For more information and the latest information, go to the article here:
http://www.floridarealtors.org/NewsAndEvents/n4-040309.cfm
The good news is that VA (veteran's administration) loans still allow for 100 percent financing as long as you qualify. Rural Housing loans are currently the only other program that allows for 100 percent financing.
With interest rates at an all-time low, the $8,000 tax credit, and how many houses are available for sale right now--THIS is the time to buy!
Looking at the Emerald Coast Association of Realtors Multiple Listing Service, there are 97 homes under $100,000 currently on the market in Fort Walton Beach. Increase that area to the rest of Okaloosa county, and that number goes up to more than 250 homes available for sale under $100,000. Increase the price to $150,000, and there are 268, and 901 available homes in Fort Walton Beach and Okaloosa county respectively. Defnitely plenty to choose from!
So for those of you in other areas, please take a moment to share with us what prices you are experiencing--we're all interested in what is going on around the country!
Until next time!
Valerie Sullivan
Broker, GRI, e-Pro
Sullivan Enterprises, LLC
Valerie@ValerieSullivan.net
www.ValerieSullivan.net
| 
RSS Blog Feed
• Sep. 8, 2009 - RE: $8000 first time home buyer credit
Since this last posting, the $8000. First Time Home Buyer Tax Credit has been a success. What most people do not realize is that you don't have to wait until next year when you file your taxes to get the up to $8000. If you qualified, there are several requirements you must meet according to the IRS, and purchased a home of $80,000 or more, have an income of $75,000 annually or $150,000 jointly and you don't owe the IRS any money, and you close on your home purchase BEFORE Dec. 1, 2009, you can apply right after closing. I have had clients receive the money in as little as 3 weeks in the form of a check. Please consult the IRS's web site for a list of complete qualification details.