I had a conversation with a gentleman named Tony yesterday, and thought that there may be other people out there with the same great questions that he had. First, he was questioning whether there was still money available in the various first time home buyer down payment assistance programs. Like most questions, the answer is "it depends". Many municipalities have first time buyer and down payment assistance programs available. As you can imagine, these programs have been very popular. They are even more popular since October 1st when seller funded down payment assistance went away. City or county funded programs typically run out of funds very quickly. Orange county has now added restrictions to the property. To qualify, the property must have had a significant rehab (not cosmetics), such as a new roof or new HVAC in the previous year. There is a state funded program that is available all over Florida that has money available without such restrictions. You can get more information at www.FirsTimeBuyer.info.
The second question that Tony had related to the Federal first time home buyer tax credit. That credit is in effect right now and continues through next summer. It is a tax credit not a deduction. That means if you file your taxes and owe $0 you will actually get up to $7,500 back as a credit for purchasing a home. You do not get the credit unless you buy a home during the specified time period, and you do not receive it until you file your income taxes. If you purchase in 2008, you qualify to receive the credit when you file you 2008 taxes. If you wait until after the first of the year, you cannot receive the credit until you file your 2009 taxes in 2010. You still have time to find a home and close this year, but you need to call me today at 407-924-7670.
Another question that people have been asking me has to to with lenders having money to lend. The answer to that question is YES!!! There is money to lend and the rates remain very favorable.
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