TAX CREDIT EXPIRED
APRIL 30, 2010 !
The First-Time Buyer Tax Credit of $8,000 expired April 30, 2010. We're hopeful the federal government will reinstate this program which substantially improved the housing market and allowed many first-time and move-up buyers to realize their dreams.
We will need continued incentives to stabilize the housing market, which benefits all homeowners and our economy, in general. Home values have declined, due to the massive number of foreclosures and short sales. Appraisers compare homes that have been well-maintained and in "move in" condition to recent sales -- many of those recent sales have been foreclosures, selling far below market prices. The County also uses similar guidelines in assessing the value of each home - so property values have declined across the board.
The good news for today's buyers is that you can purchase a lot more home for less money or one in areas that may not have been available in the past due to price ranges in particular communities.
More good news is that there are a number of Down Payment Assistance programs for first-time buyers, ranging from $10,000 to $39,900!!!
Many of these programs are "forgiven" if you remain in the home for a specific number of years. Others are partially forgiven and the loan or grant only becomes due when you sell your home (it would be taken from the proceeds of the sale.)
Please click on DOWN PAYMENT ASSISTANCE on the left to see some of the programs currently available.
