Raleigh Relocation Information Package
First Time Homebuyers Can Apply $8,000 Towards Down Payment
Progress Made on FHA Loans
Progress is being made on allowing first time homebuyers to apply that $8,000 tax credit directly to the down payment on their new home, instead of waiting until next year's tax refund to collect the windfall.
Read tax credit story here - CNN Money.com
What does an $8,000 Down Payment Get You?
Many FHA loans require a 3.5% down payment. $8,000 is 3.5% of a $228K home - thus the down payment requirements can be met nicely on many different homes in a first time homebuyer's price range.
Time is Running Out for the First Time Homebuyer Tax Credit!
Time is already quickly running out on the first time homebuyer tax credit. The tax credit is only valid until December 1st, 2009 - and it's very unlikely that this will be extended.
With lending taking 30-60 days to put in place once a home is selected, that means that most first time homebuyers will need to choose their new home, and have an offer accepted, by October 1st, 2009.
As we're already nearing June 1st, that's just 4 months of searching time left...
Are Many First Time Homebuyers Taking Advantage of the Tax Credit?
The answer is a resounding YES!
According to the National Association of Realtor statistics, a whopping 53% of homes purchased in March 2009 were purchased by first time homebuyers. This compares to 40% of all purchases in 2008, or a 32% increase in the pool of first time homebuyers.
Another side effect - selection is reducing, and prices are just starting to rise in first time homebuyer price points.
Most multiple offer situations are in these price points, so be sure to have your agent do a good comp analysis before making your offer, or chances are good you'll miss the opportunity to purchase your first (or second, or third) choice of your new home.
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