Yolanda Hoversten - O'Fallon IL Real Estate & Relocation

First Time Home Buyer Tax Credit Extended*

Great news! Both Houses of Congress passed the $8,000 Tax Credit extension for First Time Home Buyers from December 1, 2009 when it would have expired to April 30, 2010. Further, some provisions have been added for eligibility, including increased income limits for individuals or couples, detailed by NAR.

*It becomes effective once the president signs it, which is a certainty.

First Time Home Buyer Tax Credit Deadline

Everybody should know by now about the $8,000 tax credit available to first time home buyers. It's hard to believe that half of the year is over, and before you know it December 1st will be here and it will be too late to purchase your first home to claim the tax credit.

If you have good credit, haven't owned a home in three years, and earn less than $75,000 annually, talk to a real estate agent and lender to see if you qualify to purchase a home. They'll also let you know how much you need for a down payment and for closing costs.

There are many loan programs available to new home buyers, historically low mortgage rates, a high inventory of homes for sale, and lots of motivated sellers. You'll probably find that there's a home for you at the right price. Just don't wait too long -- December 1st will be here before you know it.

For help in finding your first home in O'Fallon, Belleville, Fairview Heights, Swansea, including Scott Air Force Base in Illinois -- call Yolanda Hoversten @ 618-407-9195 or log on YolandaHoversten.com. Check out this new listing perfect for first time home buyer -- 244 Brackett Street in Swansea, IL.

Foreclosure Help in IL

Last week, IL Governor Quinn signed a bill providing much needed assistance for homeowners facing foreclosure. This bill, Public Act 95-1047 requires lenders to allow a grace period (up to 90 days) to homeowners who are in arrears. Furthermore, homeowners will have a chance to work with any Housing and Urban Development (HUD) approved housing counselors to work out a solution to their situation.

Under this act, lenders are required to mail a notice to the troubled homeowner who in turn will seek out a counselor. They have 30 days to find a workable plan to be agreed upon by both the lender and the homeowner. No legal action will be taken against the homeowner during this period. The lender is not forced to accept the plan, but at least they will have to talk to a qualified counselor.

This is definitely a much needed assistance to those who are behind in their payments in their principal residence. Find out more information on this new IL legislation.

Edit: Homesellers in IL should seek an HUD approved counselor and discuss with your lender about this grace period.

For your IL real estate needs including foreclosures, short sales, and the new tax credit for first time home buyers in the St. Clair & Madison Counties including Scott Air Force Base (SAFB) IL, send me an e-mail.