In Washington County, MD Time is running out for the $8000 tax credit

By
Real Estate Agent with RE/MAX Achievers

Here is Washington County, Maryland there seems to be a flurry of activity as first time home buyers  realize that "time is running out" if one is going to make a purchase by the scheduled deadline. I sent 10 listings to a new client on Monday and as of this morning 4 of those listings are now under contract. In an earlier blog, I mentioned about an alternative loan type; A USDA (FmHA) loan type is selectively available in our area. It appears that our local government person responsible for approving/disapproving these loans is back logged. A memo came out for those applying for the USDA loans in MD, that additional time is now needed to process. I had a closing two weeks ago that got delayed because it could not be processed in time. We built in 60 days from the time we wrote our offer to go to settlement. Everone was ready to go to the closing table except the approval letter from the USDA processor. This is a great type of loan if you are eligible. There is no monthly PMI and no downpayment  (unlike FHA which requires 3.5% and a monthly PMI payment). The "$8000 tax credit" is a huge incentive for most people and now is the time to move forward if interested in making a purchase. Even though there is still some inventory out there, there seems to be significantly less choice. 

Making the decision to purchase a home should not be taken lightly and no one should feel pressured, but the reality is: "time is running out on the $8000 tax credit". If this program does not get extended and you hold off until it is too late, what would you have done with the $8000 tax credit? A potential buyer needs to focus on one's goal and if a purchase is part of one's reality, find the right house and just do it...

 

 

Comments (1)

Susan Peters
Dove Realty Inc. - Seattle, WA
The Better it Looks the Better it Sells

Hi Jim,

I just took a financing class and they covered the USDA loan program. It would be nice if they extended the tax credit but I think they will let it lapse for a few months to evaluate it before making any decisions.

Hope all is going well.

Oct 16, 2009 06:05 PM