Is anyone else out there experiencing a buying frenzy? I've been so busy the past few weeks that it feels like the "good ol' days"! Most of my business is fueled by first-time home-buyers. There are two primary driving factors; the $8,000 tax credit and USDA funding reaching depletion.
We all know that buyers have to be under contract by April 30th in order to qualify for the tax credit, but what about the USDA funding issue? In our area, the Eastern Panhandle of West Virginia, USDA is the only 100% loan program left. There are some income guidelines, however most of out first-timers fall within the limits. Imagine our horror when we started hearing that this government backed program may run out of money before April, in fact some say within the next couple of weeks!
What's next? Just when things were looking so good one of our best tools has been pulled from under our feet.
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