$8000 Tax Credit No Longer Available 12 1st 2009

One of the big components increasing home owners into the first time home buying market has been the President's $8000 tax credit incentive for First Time Buyers.

This program has been a huge advantage to first time home buyers (actually classified as anyone not having owned a home in the last 3 years) that had previously been on the fence considering when the market was going to hit bottom.

With the recent Federal Reserve Treasury Secretaries projections that the recession is actually over, we think it’s wise to point out that this market has probably run it's course. There has been over a year for first time home buyers to buy up some of the rock bottom priced foreclosed homes on the market. New construction has not even played a part in the housing market since late 2007.

Now the Government incentive is ending as of December 1st of 2009. Since economic indicators are beginning to appear favorable it is not likely that this program will be extended past the December mark.

This means that any potential home owner looking to use of the $8000 tax credit must close on their transaction prior to December 1st. Since it can take up to 30 days for the finance process on Government financing programs, that means anyone looking to take advantage of the $8000 tax credit needs to be under contract by November 1st of 2009. That is only six weeks from now!

If you have been waiting for home prices to come down… we STRONGLY urge you to act with haste so that you can claim your $8000 tax credit this year! Time is running out very quickly.

Loan rates are still VERY low, below 5% today. If you have been considering purchasing a home in the near future or know someone who has been, please have them act quickly to ensure they get their $8000 tax credit.

Many states have found ways to borrow against the $8000 tax credit as a down payment, but Florida is not one of those states. banks in Florida are not currently allowing the $8000 tax credit to be used as down payment. However, a gift from family and work are still allowed. In addition all programs allow the seller to contribute to your closing costs!

This is an very rare Government program that we don’t expect to see again in the near future. We hope that anyone that is prepared and was looking to buy soon will act now and ensure that they receive their $8000 tax credit this year as well as a low fixed interest rate!

Article Source: http://casinoarticles.us

Five Stars Mortgage is a florida based mortgage company providing residential and commercial financing across the State. Visit us on the web for free tools and calculators at www.fivestarsmortgage.com.

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