$8000 Incentive Ends Dec First 2009

Sept. 20, 2009 - PRLog -- One of the most prominent factors increasing florida home owners into the first time home buying market has been the Government’s $8000 tax credit incentive for new buyers.

This program has been a big advantage to first time home buyers (technically classified as anyone not having owned a home in the last 3 years) that had previously been on the fence considering when the market was going to hit bottom.

With the recent Federal Reserve Treasury Secretaries announcement that the recession is actually over, we think it’s wise to point out that this market has probably run it's course. There has been over a year for buyers to purchase up some of the rock bottom priced foreclosed homes on the market. New construction has not even played a role in the real estate market since late 2007.

Now this first time buyer incentive is ending as of December 1st of 2009. Since economic indicators are beginning to turn favorable it is not likely that this program will be extended past the December mark.

This means that any first time home buyer looking to get of the $8000 tax credit must close on their transaction by December 1st. Since it can take up to 30 days for the loan process on conforming loan programs, that means anyone looking to take advantage of the $8000 tax credit needs to be under contract by November 1st of 2009. That is only six weeks from now!

If you have been waiting for home prices to come down… we STRONGLY urge you to act quickly so that you can claim your $8000 tax credit this year! Time is running out fast.

Note rates are still VERY low, below 5% today. If you have been thinking of purchasing a home in the near future or know someone who has been, please have them act with haste to ensure they get their $8000 tax credit.

Many states have found ways to use the $8000 tax credit as a down payment, but Florida is not one of those states. Loan Originators in Florida are not currently allowing the $8000 tax credit to be used as down payment. However, a gift from friends and work are still allowed. In addition all programs allow the seller to contribute to your closing costs!

This is an extremely rare Government program that we (http://www.fivestarsmortgage.com) don’t expect to see again soon. We hope that anyone that is prepared and was looking to buy soon will act fast and ensure that they receive their $8000 tax credit this year as well as a low fixed interest rate!

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About Five Stars Mortgage: Five Stars Mortgage is a Florida mortgage company that provides residential and commercial financing across the State of Florida. For free tools, rates, calculators, and to get a secure mortgage quote please visit us online at http://www.fivestarsmortgage.com