The best time to buy your home is… NOW!

Posted on September 4, 2008. Filed under: First Time Buyer help |

 

THE TIME TO BUY IS NOW… Take advantage of all the current incentives!

 

On July 30, 2008 President Bush signed into law H.R. 3221 which is the “Housing and Economic Recovery Act of 2008,”. The Housing and Economic Recovery Act of 2008 is a $300 Billion program to help homeowners that may be in trouble, avoid foreclosure, and to boost confidence in the currently slow housing market in California. This legislation could have very positive results on the housing and mortgage industry, but there are time lines to consider.

 

The first thing that stands to impact many home buyers is the elimination of what is known as seller down payment assistance for FHA loans, also known as gift money, where you can be given money for your down payment without showing that as funds in your bank account, or assets you have accumulated.

However, as the legislation is written, this will be eliminated for home buyers effective October 1, so the countdown… If you are in the market to buy your first home, start the process NOW.

 

The other really exciting piece is that for first time home buyers, they have a window to qualify for up to a $7,500 tax credit. The tax credit will be 10% of the purchase price of a home, up to a maximum of the full $7500 credit. The tax credit will have to be paid back over a period of 15 years…but Washington just provided first time home buyers a 15-year interest free loan to help them buy a home!

 

We are here for you and have all the resources available to buy your first home or move into a new home. Contact us at the Weeks Team for all your housing needs.

 

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