More Good News For First-Time Homebuyers!!!!

I'm sure most of you already know about the Government's $8,000 Tax Credit for First Time Homebuyers.

Originally, the tax credit was given after you had already purchased your home.

Now, in order to stimulate the market further the Florida Legislature has allocated $30.1 million for downpayment assistance programs. What this means for first time homebuyer is that the $8,000 tax credit can be used towards the DOWNPAYMENT on your house.

For example, if you are a buying a $250,000 house, and doing a FHA loan with a downpayment of 3.5% ($8,750), you could now use the tax credit to pay for $8,000 of it, and only be responsibily for $750 out of pocket!!!!!

The way it will work, is beginning on July 1st, those that qualify will apply for downpayment assistance before closing, and then re-pay the borrowed funds when they get their tax credit.

Details are still being worked out, but it sounds like the launch is still set for July 1st 2009.

The deadline for the tax credit still remains Dec 1st 2009.

If you, or any of your friends and family would like additional information please don't hesitate to call or write a e-mail.

Happy House Hunting

Steph