Only 35 shopping days left for "wannabe" home owners in Broomfield, CO that want to take advantage of the $8000 First Time Home Buyer Tax Credit. The $8000 federal tax credit, offered this year to stimulate home sales, will end November 30, 2009, which means that first time home buyers in Colorado who qualify for the credit must close on their first home purchase transaction on or before November 30th.
I'm telling home buyers in Broomfield, CO and surrounding areas that in order to take advantage of the tax credit, you have to be Under Contract, no later than October 30th. Really, the minimum time frame for processing a typical real estate transaction is at least 30 days. However, many transactions are actually taking 45-60 days, due to changing loan requirements and the over supply of FHA loan requests in Broomfield, CO.
The demand for FHA loans has been staggering this year. Approximately 40% of all real estate sales in 2009 have been from First Time Home Buyers, according to the National Association of Realtors. And with only 3.5% down payment requirements, FHA is the logical choice for most people purchasing their first home. CFHA, the Colorado Finance and Housing Authority also offers a down payment assistance program with as little as $1000 down for qualifying purchasers.
In response to the demand, I have organized a series of First Time Home Buyer classes, held monthly at the Arvada Public Library. We've held a total of six classes over the summer and the response has been really exciting. We have several real estate professionals on site to answer questions, such as a mortgage banker, home inspector, tax expert, home insurance expert, and more. The next class will be held Tuesday, October 13th, from 7-8:30 PM. But with time running short, home buyers can also gather good information at a special web site we set up-http://www.cfthb.com/. For more information about the classes or the first time home buyer tax credit in Broomfield, CO, please visit the web site or call me.
Mitch Friedman from Premier Mortgage Group teaching home finance.