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| June 2009 |
Phone: (828) 685-8602 Fax: (828) 685-9627 2968 Chimney Rock Road Hendersonville, NC 28792 Website: www.apple-country.com Email: info@apple-country.com |
Market and TrendsIt has been announced that FHA will now apply the $8,000 credit for first time home buyers to the purchase at closing! The Federal Housing Administration will now allow the new $8,000 first-time homebuyer tax credit to be applied directly toward home purchase costs when using an FHA-insured mortgage at the time of purchase.Although FHA will require home buyers to provide a minimum of 3.5 percent down payment from other sources the $8,000 can be used for closing costs and purchase price reductions and can be credited at closing. This change should help first time home buyers with limited funds still have an option to purchase and take advantage of the $8000 tax credit while it is still available. First time home buyers will still need to close before November 30, 2009 to qualify. Now is definitely the time for folks that qualify for this tax credit to take advantage of a large inventory of homes for sale and low interest rates. Please keep in mind that a first time homebuyer is defined as someone who has not owned a primary residence within the previous three years. So, many more people may qualify that realize. You can even have owned a second home during this time frame as long as it has not been declared your primary residence. Give us call if you like a copy of the IRS form outlining the details for qualifying for this tax credit, you may be surprised as who can qualify! We are seeing increased activity in the local market. Showings have picked up and there seems to be some local consumer confidence again. Folks are starting to look again and the warmer weather and longer days always seem to bring more folks out this time of year as well. Although many are still reluctant to make a move we feel that continued increases in consumer confidence brought on by tax credits and some positive economic news will help to move folks off the fence and into the market again. Those that may be interested in the qualifications for the First Time Homebuyer credit can now link to the IRS Form 5405 on the IRS.gov website. Click on archives and then on IRS Form 5405 link. This form will explain more about the tax credit and if you might qualify. Always consult with your tax preparer to confirm your eligibility. |
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2968 Chimney Rock Road | Hendersonville, NC 28792