The sand is running out on the $8000 first time home buyer tax credit. There are now just over 100 days remaining to take advantage of the government program designed to assist the housing market recovery while helping first time home buyers.

Now, since we are expecting longer closings due to HVCC (conventional loans) and the new HERA Truth-in-Lending disclosure requirements it really does start to make the window look smaller and smaller. There is always a chance that Congress will extend this program, but I wouldn’t pin my hopes on a chance. Also, if you are looking at a short sale or a foreclosure of a property that may need repairs, there are additional days taken away from your closing. A sense of urgency is now required.

When President Obama signed the American Recovery and Reinvestment Act of February, it extended the termination date for the first time home buyer tax credit to December 1, 2009. This has resulted in great benefits for first time home buyers and a significant impact on the housing market. The National Association of Realtors estimates that as many as 2.5 million first time home buyers will take advantage of the $8000 tax credit this year.

First Time Home Buyers are my specialty. No matter if we are using conventional, FHA, VA or USDA financing, I try to make sure they have the program that will make their process as smooth as possible.  I just closed a loan for a client that was funded through the USDA program. What an outstanding program for someone that doesn’t have a down payment.

The FHA, VA and USDA financing options that are available are tailor-made for first time homebuyers. If you are thinking of buying a home and have more questions, please contact me at 541-342-7576/541-221-3455 Cell or e-mail me. My service area is Oregon, Washington and California. The Eugene Loan Guy is here to help make your dream of home ownership a reality.

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