There are a TON of changes coming through the latest stimulus packages. I think eligible buyers just were given a Government Funded Down Payment Assistance Program with this $8,000 tax credit if it is funded through the Mortgage Revenue Bond programs in the individual States, like Oregon Bond Loan for us. The other Purchase Assistance Loan, Down Payment Assistance Programs, Seller Funded Down Payment Assistance programs have all gone by the wayside, now here comes Uncle Sam with their own version?
As is the case with all these other programs, the $8,000 tax credit will only be good through December 1, 2009, and buyers are facing some fierce competition in the lower price ranges here in Southern Oregon, as well as the depletion of funds in the USDA Guaranteed Rural Housing program and Oregon Bond Loan program.
So, the message to first time home buyers might be, if you are ready willing and able to buy now, you might want to hurry!
See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com
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