Tallahassee Real Estate, Blog by Lisa Carey & Lesa Hart

First Time Home Buyer Tax Credit

February 2nd, 2010 12:51 PM by Lisa Carey

Thinking of buying your first home??  Don't miss the deadline of April 30, 2010, to get your new house under contract and receive the $8000 federal tax credit.  You must close by the end of June to qualify.  Tallahassee inventory is starting to decrease as more and more buyers take advantage of the tax credit.  The time to look is now. 

Need a bigger push?  Consider this - it is anticipated that sometime in the early summer, the federal government will decrease the amount of $$ sellers can contribute to a buyer's closing costs with an FHA loan.  FHA loans are most popular with first time buyers.  Rather than putting 10-20% down, FHA loan user's need only put in 3.5% of the sales price.  Right now, sellers are allowed to contribute up to 6% of the sales price as closing costs.  In most cases, that will cover the majority of your closing costs for a $160,000 home.  In the near future, we anticipate that contribution amount will decrease to 3%.  So, now is the time act!

Need more info - email me at Lisa@CareyCottage.com

Posted in:General
Posted by Lisa Carey on February 2nd, 2010 12:51 PM

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