With so much of a housing inventory here locally in the Tampa Bay area as well as nationwide, the National Association of Realtors is working with the Federal Housing Administration to finalize plans for use of the $8000 New Home Buyer Tax Credit as a down payment versus a refund received at a later date.
It is hoped by all parties---FHA, NAR, and the IRS--- that this action plan will help spur the sales of even more homes.
First-time Home Buyers (those that have not owned a home within the last 3 years) have accounted for nearly half of all home purchases this year. These first-time home buyers are usually renters that see the opportunity to own a home for less than they are paying for rent, with these opportunists heading straight for distressed properties that offer them more home for their dollar.
With Florida being one of the four states becoming saturated with a new cycle of foreclosed properties, most big players are in strong favor of this federally-backed incentive to assist first-time home buyers that may not have immediate access to the thousands of dollars needed for a down payment and closing costs.
It is hoped by all parties---FHA, NAR, and the IRS--- that this action plan will help spur the sales of even more homes.
First-time Home Buyers (those that have not owned a home within the last 3 years) have accounted for nearly half of all home purchases this year. These first-time home buyers are usually renters that see the opportunity to own a home for less than they are paying for rent, with these opportunists heading straight for distressed properties that offer them more home for their dollar.
With Florida being one of the four states becoming saturated with a new cycle of foreclosed properties, most big players are in strong favor of this federally-backed incentive to assist first-time home buyers that may not have immediate access to the thousands of dollars needed for a down payment and closing costs.
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