Current Buyer Incentives and New Program Information


 
Fantastic news for homebuyers courtesy of the government. President Obama has signed legislation that extends the $8,000 homebuyer tax credit to purchase contracts that are signed by April 30 and closed by June 30 of next year.
 
The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would also apply to purchase contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.
 
According to NAHB president Sandy Dunn, "This milestone bill contains several provisions to get homebuyers back into the marketplace. The goal is to stop the slide in home prices, provide a lifeline to borrowers facing foreclosure, and improve mortgage liquidity."

 

Dunn also stated, " It (the tax credit) will increase housing demand, get homebuyers back into the marketplace, and fight falling home prices, which threaten the economy as a whole."

 

For more information on this program, contact Keith Ramach at 440-925-2047, or at keith@myfirstclevelandhome.com .

Interested in still more information on this program?  Check out this site for FAQ (Frequently Asked Questions) about the program.

http://www.federalhousingtaxcredit.com/faq.php

 
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