BOND MONEY & FIRST-TIME HOME BUYER TAX CREDIT
If you have not owned a home for 3 years you are considered a first time home buyer! If you have been thinking about purchasing a home now is the time to get serious with your search for a home. If you combine the up to $8,000 tax credit with bond money from OHFA for down payment assistance you could have a substantial amount of money contributed on your behalf. Don’t miss out on this great possibly once in a lifetime opportunity! .
For more information on Bond Money give me a call or send an email & I will put you in touch with lenders that are dealing with these programs right now. Bond Money does have requirements on income, mortgage amounts and area. Also bond money is limited, this year it is $31,000,000 and it is first come first served. Remember from our previous installments that your lender is the first step in looking for a home. They will help get you qualified for a house with a payment that is comfortable for you to live with. You don’t want to be chained to a too high house payment.
The tax credit can be claimed on a home that is purchased from 1/1/09 – 12/1/09. It is a credit of 10% of the sales price up to a max of $8,000. So if you purchased a home that cost at least $80,000 & owed two thousand dollars in taxes for 09, you would get a credit of $6,000 sent to you in a refund check. You just can’t beat it!
NEW HOME CONSTRUCTION
Finally good news in the new home sector. Sales were up 3.2%! that is very good news indeed!
EASTERN OKLAHOMA COUNTY WILDFIRES
What a night April 9th was. Many homes in our area suffered severe fire damage or were leveled by the fire. So many families have been displaced because of the devastation. The fire marshal has determined that these fires were deliberately set. I don’t understand how anyone can do this. It was quite a scary night, many of us were packed and ready to leave if we were ordered to evacuate. Our hearts go out to those who suffered loss.
HOME BUYER / SELLER SEMINAR
Our seminar participants were very informative on the entire real estate process. We had Chris with First Commercial Bank and Gina with First Mortgage talk about the lending side of the transaction. They delivered tandem talks about bond money, the tax credit, credit scoring as well as walking us through the process. Melody with Stewart Title in Midwest City, spoke about the title company’s role in the process, this is often an area that buyer’s and seller’s have very little knowledge of. She gave us a the highlights of what a title company’s role is in the process. Scott from Omega insurance in Choctaw spoke to us about what is involved in securing Home Owner’s Insurance. I want to thank everyone who participated as we could not have done it without you!