Monday, August 17, 2009
Tax Credit Deadline
The time to take advantage of this program for what we know today is short. To qualify for the credit you must close before 12/1 and considering 11/30 is the Monday after a Holiday Thanksgiving, coupled with the new Truth in Lending disclosure requirements, I’m advising customers to try to close by 11/16. I’d hate to feel the repercussions of not meeting the 11/30 closing date and the buyer not being able to collect the $8,000.00. Best practice is better safe than sorry. With this said, 11/16 is fast approaching. Buyers need to know this if they plan on taking advantage of it. Two misconceptions about this credit are: You do not have to be a first time homebuyer, you just cannot have owned a property in the last 3 years. And, you can make more than the income limits of $75,000 individual and $150,000/jointly, the credit is just less than a full $8,000. Call me for more details.
Add to this that the state of Texas currently has $4.2 million available for down payment assistance loans. I would anticipate a rush for these funds as the credit deadline nears. They are on a first come first serve basis and cannot be reserved until a contract is executed and appraisal completed. (Call me about the details on this program. It’s really easy and not complicated like a bond program.) Borrower can get an advance in the amount of 5% of the sales price or $7,000 which ever is less.
Add to this that the state of Texas currently has $4.2 million available for down payment assistance loans. I would anticipate a rush for these funds as the credit deadline nears. They are on a first come first serve basis and cannot be reserved until a contract is executed and appraisal completed. (Call me about the details on this program. It’s really easy and not complicated like a bond program.) Borrower can get an advance in the amount of 5% of the sales price or $7,000 which ever is less.
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