The First Time Home Buyer Tax credit was scheduled to end December 1st of this year. However, due to the success of the program, and it's positive effect on the economy, the Government has voted to extend the program and make more Free Money available.
What does this mean for you?
First time home buyers, who weren't able to get a home this year, still have a few months to get up to $8,000 to assist with the purchase of their home. The income limit has been increased making the credit available to some home buyers who may not have qualified for the previous grant. Perhaps the biggest improvement of this program is extending the credit to all home buyers! Home owners who have been living in their home for 5 consecutive years also qualify for Free Grant Money.
Click Here to see a summary of the new grant progam.
What have we learned from the first credit?
Last month there was a frenzy of people trying to purchase the homes that could close quickly. Because of the sudden increase in demand some sellers were able to demand higher prices for their home. Some of our buyers were becoming frustrated because all the affordable homes had multiple offers on them within a day of being listed! Buyers also avoided Short Sales because they wouldn't be able to close in time to take advantage of the credit. For you to take advantage of this credit it is important to act soon! The demand will be lower so you can find the great deals, and there will be enough time to consider Short Sales. Short Sales still take a long time so you must act NOW if you are interested in getting the credit on a short sale.
This is a great opportunity for both First Time Home Buyers to get into a home and Home Owners to sell their current property and find a more suitable home.
There are still additional programs out there offering more free money that can be added to the goverment's credit. Fill out this Free Non-Obligation Form to find out how much money you can qualify for.
Utah Dave - Daybreak Neighboorhood Expert and Local Resident