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South Jersey/Evesham Twp- Free money from Uncle Same; time is running out!!!! Act now!!!

By
Mortgage and Lending with Village Home Mortgage

 

 

     How often in life is something given away for free.  Yes, many advertisements offer items for free, but when one reads the fine print or does further investigation, they quickly realize that nothing is truly being given away.  Instead, the word free is just being used to offer incentives to the potential customer.  The exception to this rule is the first time homebuyer tax credits being given away to those qualify for one of the federal government’s attempts to stimulate the housing market.  While it is debatable whether the tax credit has been successful in its goals, there is little debate whether this program offers potential homebuyers an additional reason to purchase now.

     I am here to tell you that time is running out on the FREE, yes the FREE money the United States government is allocating to those who qualify under the first time home buyer $8000 tax credit.  While the deadline to close on a home in order to receive the $8000 tax credit is November 30, 2009, the time for those “sitting on the fence” to start the process is now.  The average time for closings varies by lender but generally can be anywhere from 30-60 days, so that does not leave much time to get preapproved with a lender and get taken to see potential homes by a realtor. So if you have never owned a home or if you have not had ownership interest in a property in the last three years the time to ACT IS NOW!!! Why not let the government reimburse you next April for part of your down payment or closing costs?  If you are someone that wants to purchase, but needs a co-signer to qualify for a mortgage, do not worry.  As long as the home is your primary residence, you can still qualify for the tax credit.  So my message to those who are still unsure; get out there and take advantage of both the falling home prices and the $8000 tax credit!

Until next time….

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