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MISS LEADING INFORMATION ON THE $8,000 TAX CREDIT

By Valerie Osterhoudt

Real Estate Agent with Johnson Real Estate, Inc. RES.0761759

October 13, 2009 01:22 AM

I'm driving along this morning and almost got into an accident when I heard a commerical on the radio. I was listening so carefully that I wasn't paying as much attention to the road as I should have.

The radio commerical was promoting a condo complex here in Connecticut, I believe around the Westbrook area. Explaining the benefits about the $8,000 tax credit. They mentioned that it was for first time home buyers, that it is tax free, that it expires at the end of November... but overlooked that you must be moved into your new home at this time, not just have a contract in on the property.

Now the next tidbit of information is what almost cause the accident. YOU CAN USE THE TAX CREDIT AS A DOWN PAYMENT. What??? Who is funding this? When did this happen? I couldn't believe my ears. I was so taken aback by the news, I didn't catch the phone number to call.. or the company behind this.

Has anyone else in Connecticut heard this radio ad? Or heard any other promotions like this one?

FOR ACCURATE INFORMATION ON REAL ESTATE.. CONTACT YOUR LOCAL AGENT

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Info about the author:

Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, which includes Cromwell, Rocky Hill, Berlin, Middletown, Wethersfield, Newington, as well as all other surrounding areas. Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.

For real estate... all you need to know, is VALERIEO

If you're thinking about buying a home in Cromwell CT there are plenty of great buys in today's market. There is no better time than now to take advantage of these homes while interest rates remain at an all time low. For more information on Cromwell CT real estate's homes and/or condos please visit Johnson Real Estate to access the newest listings.

Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.883.8889 cell- valerierealtor@sbcglobal.net.

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Edward Bachman

EXIT REALTY SOLUTIONS - Kingwood, TX

Your Kingwood TX Realtor

There was a time period where through a series of bridge loans that it could be applied to the down payment. I am not sure but I think that it is no longer feasible.

Oct 13, 2009 01:32 AM

Valerie Osterhoudt

Johnson Real Estate, Inc. - Cromwell, CT

ABR, Cromwell, CT Real Estate ~ 860.883.8889

Edward.. I heard about that.. and it was only talk. No one knew who would be funding it. If the tax credit is supposed to be "free" who would be picking up the cost of the loan and the fees that pertain to it. That is why it never went anywhere.

Oct 13, 2009 01:36 AM

Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

We have a loan program here where the tax credit can be used as an interest only second for up to one year. It then converts to a true second at the same rate as the first due and payable in ten years. I've had two buyers use it to help get them into their new home for no money down.

Oct 13, 2009 01:38 AM

Kristin Johnston - REALTOR®

RE/MAX Platinum - Waukesha, WI

Giving Back With Each Home Sold!

I have heard this here in WI too....I am glad you didn't get into a crash!

Oct 13, 2009 01:42 AM

Cindy... That is interesting.. never heard of that. I'll check with a local mortgage consultant here in Connecticut.

Oct 13, 2009 06:27 AM

Kristin... It just doesn't make sense. It was NEVER passed. Too many issues to have it work. Who'd pay for loan applications, no loan is INTEREST free.. and who would be funding it?

Oct 13, 2009 06:29 AM

George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Valerie you are correct in what you stated and this commercial is very misleading.

Also the Tax Credit was never available to be use towards the minimum downpayment, it could be used toward the downpayment but only as an additional amount. Also I don't know of anyone here in Connecticut that was or is doing those loans.

Oct 13, 2009 01:36 PM

George.. So not only was this commercial misleading, but if a buyer (unknowingly) pursues this, they won't find a reliable mortgage company to help them. This will only further substantiate consumers feelings that realtors and mortgage consultants are the lowest of jobs on the scale.

Oct 13, 2009 02:30 PM

Jennifer Fivelsdal

JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY

Mid Hudson Valley real estate connection

Valerie - I can imagine how concerned you were for the consumers in your area who might fall for such an AD. Hopefully they will call you to get the real scoop.

Oct 13, 2009 03:20 PM

Jennifer.. I hope someone else also heard this ad, and called the real estate company that put this on the air.. .to have it removed.

Oct 13, 2009 11:11 PM

Philip.. I wish you did hear the announcement on the radio.. it would have made your hair stick up on the back of your neck.

Oct 18, 2009 10:35 AM

MISS LEADING INFORMATION ON THE $8,000 TAX CREDIT

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