Green Real Estate in Idaho

If you’re a first time home buyer that has been sitting on the sidelines waiting for interest rates to improve (come on, they are at 5.5% which is FANTASTIC), or a better selection (Spring/Summer usually represent the largest inventory levels) your time to take advantage of the $8000 tax credit is fast expiring. In it’s current format you must be closed (funded and recorded) on your purchase before December 1, 2009. As of this writing that leaves you with exactly 81 days to get across the finish line.

While 80+ days sounds like a long time, keep in mind if you’re not in the process at all yet you need to sit down with a lender and get pre-approved. You need to find a good agent that will guide you through the process, representing your best interests, find the perfect house and then navigate the escrow process. A typical escrow (in our market) is about 30 days. This absolutely does NOT include short sales. If you don’t have a short sale in contract at this point and the tax credit is important to you, you’ve probably already missed that boat. Many banks (not all) have expedited things considerably over last year, but it can still be 60+ days for an approval and THEN you open escrow.

While the $8000 tax credit certainly isn’t a deal breaker… I find that most people think the idea of getting $8000 vs not is pretty cut and dry. If buying your first home is on your list of things to do, now is the time to get into the game. Interest rates are still fantastic, prices are still down, and there are still some fantastic gems to be found. Granted, they are moving quickly, especially in the sub $200,000 price range. If you’re ready to make the dream of home ownership a reality, I’m ready to get to work for you to make that happen. Call or email me today!

Ben
208-991-HOME (4663)
ben[at]IdahoRealEstate.com

You may not have heard, but now there is even more money available to first time home buyers, up to $7000 (seven thousand dollars) actually and the beauty of this new money is that it can be used at the time of purchase to put towards your down payment. As with everything in life and home buying, there are rules, restrictions, and qualifying that have to be addressed. The good news however is that if you’re a first time home buyer and you meet the qualification for the $8000 (eight thousand dollar) tax credit you’re well on your way.

This is a very new program and has enormous potential to help even more first time home buyers (FTHB) achieve their goals of home ownership. Coming up with thousands of dollars in closing costs and down payment is difficult at any time, today is no exception. The good news is that rates are at historic lows, prices are down, and inventory abounds in most price points here in the Treasure Valley. Rates are not likely to go much lower and when the FED begins curtailing their involvement in the purchase of mortgage backed securities rates will almost certainly rise later this year.

If you’re thinking about purchasing your first home, I’m here to help. Give me a call at your convenience and we can get started putting together a plan to get you into your new home in time to take advantage of all the fantastic incentives available to you. In fact, feel free to try out the new Google connection widget, top right of every page on this site. Just enter your name and your phone number and click connect.