St Tammany First-Time Buyers Get Tax Credit

First-time buyers have many good reasons to buy a home in St. Tammany Parish.  One of the best advantages (for a limited time only) is the  first-time buyers federal tax credit.

    * First-time Buyers Federal Tax Credit

   1. First-time buyers get an $8,000 (max – 10% of the sales price) tax credit when filing their 2009 taxes next year if they purchase a home in 2009.  However, escrow must close no later than November 30, 2009.
   2. The Tax Credit does not have to be repaid.
   3. The Tax Credit applies only to homes purchased as a principal residence.

    * First-time Buyers Tax Credit As A Down Payment or Closing Costs

   1. FHA has just announced that first-time buyers may now use the $8,000 federal tax credit to supplement their down payment.
   2. FHA will also allow you to use the tax credit to pay your closing costs when purchasing a home with FHA financing.

First-time buyers can take advantage of St. Tammany’s excellent real estate market.

    * Stable Market:

   1.  Unlike many areas in the nation, the real estate market is stable in St. Tammany Parish.
   2.  The foreclosure disaster has bypassed the state of Louisiana because we did not need high-risk loans to sell our homes.
   3.  Home values are not declining in St. Tammany Parish.  Values have remained stable even in the midst of the current recession.

    * Buyers Market:

   1. Our market is stable.  However, the number of homes available on the market has risen, giving home buyers the edge.
   2. Sellers are pricing homes at very competitive prices.
   3. Sellers are willing to help buyers with closing costs.

First-time buyers can take advantage of the FHA home loan program.

    * FHA Financing for First-time Buyers

   1. FHA does not require a 10 -20% down payment.  The FHA required down payment is only 3.5% – 5% of the agreed sales price.
   2. FHA does allow gifted funds for the required down payment from certain government programs, the buyers’ parents or employers.

For first-time buyers, now is an excellent time to invest in future.  First-time buyers can take advantage of the excellent real estate market in St. Tammany Parish, a first-time buyer federal tax credit and FHA financing.  Remember, the federal tax credit currently available to first time buyers will end on November 30, 2009; escrow must be closed on or before that date.

Patsy Lang and the Lang Team: Different by Design

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