Home Purchase Tax Credits & Down Payment Assistance
Posted on Apr 29 - Filed Under Featured, shortsale-foreclosure-reo
We are in a market that is flooded with bank owned/foreclosure/REO properties. It appears that this will get worse, not better any time soon. Banks are “hiding” or withholding perhaps some 600,000 foreclosed properties from the market nationwide. About 80,000 are in California. If they were all released to the market at once, a very difficult market would become disastrous. In light of this the U.S. government and many state and local governments are offering programs to help buyers, thus helping to alleviate the glut of homes on the market.
For instance, the U.S. government is offering an $8000 tax credit to firstl-time homebuyers. The following link details the program: http://www.federalhousingtaxcredit.com/2009/home2.html
The state of California is offering a $15,000 tax credit to new home buyers. The credit is limited and buyers should act quickly to participate. Details can be found at the following link: http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml
Also, many cities are offering down payment assistance. I will be offering a list of cities that are offering this in the following posts. The one that I am most familiar with is the city of Brentwood. I am currently working with the city for two buyers. The city requires that buyers work with specific lenders to qualify with for the program. Details can be found at http://www.ci.brentwood.ca.us/pdf/new/comdev/housing/dap_brochure.pdf (PDF)
These programs in concert with the standard mortgage and property tax deductions currently make home purchases very desirable.
Contact me for a list of homes or visit www.bay-area-reo.com .
Mark
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