$ 8,000 for First Time Home Buyers was EXTENDED by Congress.
The incentive of up to $8,000 in the from of a tax credit for first time home buyers has been extended to June 2010 and now includes those buyers who have owned and occupied a home for at least five years out of the the past eight years. These new group of buyers could claim up to $6,500 in their tax credit if they have a contract signed and accepted before April 30 and closed no later then June 30, 2010.
Income limits for qualifying buyers were increased to $125,000 for single buyers and to $225,000 for married couples.
Short sales are now likely to become an atractive target for buyers, waiting time will no longer be such a deterrent factor for the next six months. In the worst case scenario, a wait of five months still will make you elegible for the tax credit.
FHA loans will get you into your new home with just 3.5% of down payment and it allows the seller to pay for some of your closing costs. Cash offers will place you in a good position price wise and will minimize drastically you closing costs. Conventional loans are always welcome but you need 20% or 25% down depending on lender and credit.
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