What is the economic future of our country? Will we survive these hardships?
Positive changes in the mortgage lending standards are major factors to consider. The home mortgage market now is essentially a fixed-rate world dominated on the supply side by Fannie Mae, Freddie Mac and the FHA. Low interest rates and tax credit to first time homebuyers especially, are creating brighter expectations regarding economic conditions.
The ADP National Employment Report too released several reports earlier this week correlating the smaller decline in unemployment in the month of May with the beginning of stabilization in the labor market.
A higher consumer confidence and expectation is also a factor to be considered. Consumers are beginning to see the light at the end of the tunnel. Government involvement with stimulating the economy under the leadership of President Obama has been favorable. The biggest essentials for a meaningful turnaround and a sustained economic recovery are favorable home buying conditions and positive consumer views of home buying conditions.
What does this all mean to us? The first thing it implies is that those who are not currently homeowners should seek professional real estate advice from seasoned real estate advisors to learn the steps to take necessary to become home owners. The conditions for buying a home are very favorable. Prices are low, interest rates are low and first-time homebuyers get an instant ,000 Tax Credit. What is the definition of first –time homebuyer?
Tax Credit is available to buyers who have not owned a principal residence in the last 3 years. The maximum credit amount is ,000. The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. Single taxpayers with income up to ,000 and married couples with incomes up to 0,000 qualify for the full tax credit. The tax credit does not have to be repaid. The IRS has interpreted the law to allow unmarried co-purchasers, including investors — to buy one-to-four unit properties with the credit flowing to a co-purchaser who qualifies for the credit, and will live in one unit, while the other units are rented out.
The credit itself has just become more attractive for buyers using FHA financing. The Federal Housing Administration has issued new guidance to lenders allowing them to “monetize” the credit and advance cash to first-time purchasers for closing fees and other expenses, including interest rate buy downs.
If you are a first time homebuyer who qualifies for this tax benefit or if you are wishing to take advantage of the low home prices and looking to by a home in the Atlanta Greater Metro area or you know someone who needs real estate guidance visit our site ForSaleGeorgiaHomes.com, or call us at 770-912-5056. If you want to buy a FOR SALE GEORGIA HOMES in Marietta you can also click on Marietta to do a Multiple Listing Home Search to get the process started!
We are a group of Real Estate Professionals servicing Marietta, Atlanta, Roswell, Alpharetta, Suwannee, and the surrounding areas. Whether you are buying or selling a home, ForSaleGeorgiaHomes.com is your number one source for home buying in Atlanta Georgia.