Archives: first time home buyers

Home Buyer Tax Credit Update… with a new wrinkle "move up buyers"…

Posted on: October 30, 2009

(details may change)

It appears that the we are close to hearing that the Home Buyer Tax Credit will be extended through April 2010. First time home buyers and “move up” buyers will be able to take advantage of the tax credit. The credit will be $8000 for first time buyers(see previous blog dated April 2, 2009 for definition of first time home buyer) and $6500 for “move up” buyers. Move up buyers are defined as Buyers who have lived in their principle residence for 5 years or more. Income limits for the first time home buyer and the move up buyer are $125,000 for single return and $225,000 for joint return. Buyer’s may also be able to take the tax credit from a 2010 purchase on their 2009 return.

The Philadelphia Housing market has continued to grow stronger in 2009. This growth has not only been fueled by low mortgage interest rates and strong inventory, but also Buyers taking advantage of the tax credit. The home buyer tax credit extension along with the addition of “move up” buyer tax credit will allow for continued growth and wonderful opportunity for buyers in the market place between December 1, 2009 and April 30,2010.

Posted by Paul Walsh


Attention First Time Home Buyers

Posted on: October 13, 2009

The First Time Homebuyer Credit that I blogged about, all the way back in April, ends in six weeks!

In order to receive the credit, you must close on your purchase by November 30, 2009.  In order to close by November 30, 2009, you need to have our offer complete by the end of October.  In order to have your offer complete by end of October, you need to talk with one of our knowledgeable REALTORS today!

Please call one of our four offices TODAY to see if you qualify!  We can help you buy your home on time!

Posted by Paul Walsh


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