One of the biggest reasons driving florida mortgage lender home owners into the first time home buying market has been the Federal $8000 tax credit incentive for florida fha loan.
This program has been a big advantage to first time home buyers (technically classified as anyone not having owned a home in the last 3 years) that had previously been on the fence wondering when the market was going to hit bottom.
With the recent Federal Reserve Treasury Secretaries announcement that the recession is nearly over, we think it’s wise to point out that this market has probably reached it’s bottom. There has been over a year for buyers to buy up some of the rock bottom priced foreclosed homes on the market. New construction has not even played a factor in the home market since late 2007.
Now the first time buyer incentive is ending as of December 1st of 2009. Since economic indicators are beginning to appear optimistic it is not likely that this program will be extended past the December ending.
This means that any persons looking to take advantage of the $8000 tax credit must close on their transaction before December 1st. Since it can take often 30 days for the loan process on Government loan 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 now so that you can claim your $8000 tax credit this year! Time is running out very quickly.
Financing rates are still VERY low, below 5% today. If you have been looking at purchasing a home in the near future or know someone who has been, please have them act now to ensure they get their $8000 tax credit.