As most of you know, the end of the tax credit is just a few short weeks away on April 30, 2010. Under the guidelines, you have to be “under contract” by April 30, and then close the transaction by June 30, 2010 in order to receive the either $8000 First Time Buyer credit or the $6500 Move Up Buyer credit.
In this market, sellers now realize that every showing counts, and then counts some more. In fact, nothing is more frustrating for the seller and the realtor than getting a lot of showings, but no offers or nibbles. The question then becomes: “Why is this occurring, and how many showings are normal before getting an offer?”
In my previous 2 Blogs on DPA, I discussed and tried to dispel some of the myths surrounding down payment assistance. In addition, I highlighted some of the key factors in determining what it takes to qualify for DPA. Today, I will address who are the agencies out there who offer DPA and how doing a little research can help in deciding which program you should consider and how to find out if your lender works with that agency.
So you are sitting on the sidelines right now missing out of the $8000 First Time Home Buyer Tax Credit because someone at the bank told you that your score was not good enough to buy right now. The banker probably did not provide much more information other than you “need to fix your credit and pay your bills on time” if you want to buy a house.
Sure, as a new home buyer you are going to get your $8000 tax credit for buying a home (provided you close before the deadlines) and you will begin to “itemize” your tax deductions (real estate property taxes, mortgage interest, and points) going forward each year. All of these can potentially save you allot of money on your federal taxes which one of the many reasons people chose to buy rather than rent.