The clock is ticking and time is winding down. If you are thinking about buying a house in order to take advantage of the $8000 first time home buyer tax credit, you need to act now.
As it currently stands, there are just over 100 days left to do so. If one is to approximate an escrow period of 60 days, they would see that the window of opportunity is closing fast.
When President Obama signed the American Recovery and Reinvestment Act of February, it extended the termination date for the first time home buyer tax credit to December 1, 2009. This has resulted in great benefits for first time home buyers and a significant impact on the housing market. The National Association of Realtors estimates that as many as 2.5 million first time home buyers will take advantage of the $8000 tax credit this year.
Here in Arizona, I have helped many first time home buyers use FHA financing to buy their homes this year. Many of them were prompted to do so to obtain the $8000 first time home buyer tax credit. Over the past few months, the majority of the traffic to my blog, www.bestFHAlender.com, has been a result of people searching for specific information related to the first time home buyer tax credit. As such, I can personally attest that the first time home buyer tax credit has had a positive impact on our local housing market.
However, you don’t have to take my word for it, in a post at arizona.realestaterama.com, Tom Farley, CEO of the Arizona Association of Realtors is quoted as follows:
“In a market where everyone is searching for stability in unstable times, the $8,000 First Time Homebuyer Tax Credit has provided a much-needed positive impact for both homebuyers and in neighborhoods with many homes for sale… Without the Tax Credit, our current home inventory would be much higher, confidence in the return of the real estate market would be lower and more homes would be vacant eyesores in our communities across the state.”
The post continues to discuss the fact that members of Congress are pushing to extend the termination date for the first time home buyer tax credit past December 1st, 2009. It is possible that this may happen in one form or another; however, if you are thinking of buying a house in order to qualify for the first time home buyer tax credit, the time to safely act is now.
As a reminder, the available FHA financing options are tailor-made for first time homebuyers. If you are thinking of buying a home and have more questions, please contact me at any time.
Steve Lines
FHA Mortgage Specialist
Cell: 480-329-3346
email: slines@bestFHAlender.com
www.bestFHAlender.com
http://twitter.com/stevelines
Academy Mortgage
Mesa, Arizona
