The real estate market is on the rise both here in Tangipahoa Parish and across the nation.  In Tangipahoa Parish, sales prices and activity are on the upswing and inventory is decreasing.  It looks like the bottom of the market has been reached and the Tangipahoa real estate market is on the road to a healthy recovery.

Financing is still a major factor which will influence our recovering market.  Loans are harder to get these days and large down payments are difficult for most.  FHA offers a 3.5% minimum down payment.  More realistically, the total funds need to purchase a home through FHA would be about 8-0% of the selling price.  Do keep in mind that the First-time Buyers Credit can be monetized when using FHA financing.  The Tax Credit can be used as an additional down payment and/or applied to closing costs.

USDA Rural Development still has 100% financing available to first-time buyers.  Buyers and property must meet certain guidelines, but this loan program is certainly one you will want to check out.

The Tax Credit, which will expire in a few months, is a real boon to first time buyers (anyone who has not owned a home in the past three years).  The tax credit does not have to be paid back and can be applied to 2008 or 2009 taxes.  In addition, if the first-time buyer does not monetized the full amount of the tax credit, the remaining balance can be applied when they file taxes.

To learn more about the First-time Tax Credit and new homeowners (no first-time buyer requirement) read my blog post:

First-Time Buyers Rejoice-Tax Credit and Tax Deductions Await

Yvonne Martin, The Martin Team, Let My Family Bring Your Family Home