Archives: June 2009

First Time Homebuyer Tax Credit Can Be Used for Closing Costs

Posted on: June 17, 2009

Back in April I blogged about the First Time Home Buyer tax credit. Well in the last couple of weeks there has been a change for the better with respect to the tax credit. FHA- approved lenders can now create what is called a bridge loan type product which would allow the a qualifying first time home buyer to use the tax credit to reduce their closing cost or increase their down payment. Simply put, the First Time Buyer gets the Tax Credit benefit right at the settlement table. (Though Buyers can not use the tax credit to cover the 3.5 percent minimum down payment.)

With interest rates again moving downward and with the ability now to use the tax credit at time of purchase, I encourage you to talk to a REALTOR find out how today’s market conditions could work in your favor. For further information on the Tax Credit please feel free to contact me or go to realtor.org.

Posted by Paul Walsh

 


PENDING HOME SALES RISE 6.7 PERCENT IN APRIL

Posted on: June 2, 2009

The National Association of Realtors reported Tuesday its index of sales contracts signed jumped 6.7 percent, far exceeding analysis’ forecasts. It was the biggest monthly gain since October 2001. See the article here.

Our numbers certainly reflect what the National Association of Realtors have reported. Elfant Wissahickon agents have been busy for the last few months writing offers on properties. We have seen a marked increase in pending sales since mid March. The factors behind this surge include the First Time Home Buyers Tax Credit and favorable interest rates and home values. These factors combine to make it a great time to invest in real estate.

Please click here for more information about buying or selling a home.

Posted by Paul Walsh