The government sponsored first time home buyer $8,000 stimulus program is scheduled to end with homes closed on or before November 30th.
There has been much discussion about whether the government will extend the current program or continue it in a modified format. That is all speculation at this point and all we know for sure is the looming November 30th deadline for closings.
Let's review who is eligible for this program:
- First time homebuyers: A person is considered a first time home buyer if he/she has not had any ownership interest of a home in the 3 previous years prior to the day of the 2009 purchase
- Income Restrictions: Persons filing as Single on their income tax are eligible for the credit if their income is no more than $75,000 and married couples filing jointly would be $150,000.
With interest rates near historic lows, this is an excellent opportunity for first time buyers to get out of the rent trap and move to home ownership. The Centre County and surrounding areas offer affordable housing and I would welcome the opportunity of working with you or anyone you may know to find a new home. Let's get started now before it's too late to take advantage of this program.
I am happy to set up a one-on-one consultation at my office to discuss your real estate questions. Please don't hesitate to email or call me.
Ryan S. Lowe, Associate Broker, ABR, ASR. "Your Real Estate Coach"