Many first time buyers already know about the first time home buyer tax credit for purchases made this year. But since most zero down-payment programs have been eliminated, many buyers are still unable to purchase because they don't yet have their 3.5% downpayment saved. Although the credit was meant to stimulate home sales, there's a bit of a logistical problem.... in order to get the credit, buyers have to purchase a house, but in order to purchase a house, they need the tax credit to help with their downpayment.
Here in Washington State, the legislature is looking into a creative alternative to help would-be buyers take advantage of this very affordable market. The State recently passed a budget which provides 25 million dollars to be used as advances against the tax credit. They are calling it the TAX CREDIT ADVANCE PROGRAM
The details have not yet been worked out, but hopefully this will be a viable option for local buyers in the very near future!
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Colleen Fischesser is the Broker/Owner of RE/MAX Select in Maple Valley, WA. She has been successfully selling and marketing properties all over South King & North Pierce counties since 1990 but specializes in the Maple Valley Washington area. She may be contacted directly at: 425-432-5400
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