Need Help With Your Down Payment?
Posted by Lee Cameron on Tuesday, July 7th, 2009 at 1:21pm.
In the hopes of stimulating our slow-moving real estate market, Florida has decided to become one of the few states in the country to offer $8,000 to qualified homebuyers as a down-payment assistance. What this program will do is allow first-time homebuyers access to their $8,000 federal tax credit upfront so that they can use it towards their down-payment. To be eligible for this tax credit, you need to either be a first-time buyer, or have not bought a home in the last three years. The program also requires that individuals earn less than $75,000 a year, and less than $150,000 for couples.
Here's how it works: any new home-buyer who fits into that income bracket and closes on a new home before the end of November will receive an $8,000 tax credit when they file for their taxes next year. If you elect to use this new program, the local government or various nonprofit agencies will be able to loan you this $8,000 to use for your down payment. You then have 18 months to repay the loan (which gives you plenty of time to realize the benefit of your tax credit).
There are some downsides, however. First of all, although state Legislature is planning to set aside $30 million for this program, the funds are not unlimited and the money may run out before everyone takes advantage of the loan opportunity. Secondly, these funds are not likely to be available to the public until later in July or August, and with the deadline at the end of November, that does not leave new home-buyers a lot of time to find and close on their new home. Needless to say, if you are considering taking advantage of this opportunity, you should start looking into it as soon as possible.
If you need help to figure out if this program is for you, or if you're looking for more information, please feel free to contact me by email (lee@leecameronrealtor.com) or phone (407-421-1052) and I will be sure to point you in the right direction. If it sounds like this could work for you, don't miss your chance!
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