First Time Home Buyers Update

First Time Home Buyers Update
There are many things going on today in the real estate and mortgage arena. We are more than two years into this recession and the housing market is no where close to coming back to a reasonable level. The market is still saturated with foreclosures and short sales and now, rental units are abundant.

One very important issue that is coming to an end is the $8,000 First Time Home Buyer Tax Credit. Approximately 40% of all home buyers are eligible for this tax credit. Unfortunately, this tax credit expires on December 1, 2009. A bill has been introduced to extend the tax credit for six months thereby giving more first time home buyers another chance for purchase their first home. If you are interested in buying a first home but not yet ready, keep track of the current news on this credit.

For anyone in the market to purchase a home, it is highly recommended that you check the multiple listings of the area in which you are looking to buy. There are many short sales available out there. In a recent conversation with an appraiser, he acknowledged that the market is far from coming back to normal. He actually spending his days appraising short sale homes that were selling for $20,000 and $30,000 in certain areas in Florida. It is a sign of the times.

Another thing to check if you are interested in purchasing a first home is your State bonds for housing. There is currently a plan being formed that will feed the Housing Finance Agency with approximately $35 billion to be distributed to local agencies for first time and low income home buyers. These bonds are definitely worth looking into for assistance. Their income levels are not as low as you may think that they are. Each state and each county has their individual level for that particular area. Together with the price of a foreclosure or short sale, and a first time home buyer can find themselves with a very low mortgage payment.

As always, the best advice is to use a reputable real estate agent and a local bank or credit union as they are interested in their local community.

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