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OK, now what? Utah home buyers do not need to rely on the federal tax credit to buy a home in Utah!
There is government grant money available in many Utah cities, counties, and rural areas. You just have to know what to ask for. Remember that not all mortgage loan officers or Utah real estate agents know about these government grant programs. I often receive calls telling me that they did not know these programs existed or that their Realtor didn’t know about these Utah home grants. In Utah, there are only a handful of places you can get this grant. Most often this is a true grant, which means the money does not have to be repaid as long the home is your primary residence and you live in the home for a specific period of time.
Zoom Real Estate knows about these grants. Utah cities replenish their grant money every summer! Would $10,000 towards your home price, closing costs, and even the down payment motivate you to buy a home with a 30 year fixed interest rate that is less than 5%? In addition to the Utah home grants; there are 100% (no money down) financing options and a special $100 down program available on homes throughout Utah.
Contact me today to find out what grants/loan programs may be available to use for your home purchase.
Call Kris/ Zoom Real Estate (801) 792-5040
Hello Zoom Members,
I have been scouring the proposals in the Legislature, trying to get guidance on what will transpire with the Tax Credit. The Tax Credit must be the most influential measure in our housing crisis that has helped lift the market to at least water level, if not slightly peeking into the sky. All Real Estate Professionals have been concerned about the eventual stimulus spigot abruptly being turned off. It could have sent our housing market back under water and our home values with it.
This morning news of a plan emerged. Surprisingly, there’s not a lot of print and direction from the Press. Allow me to give you the facts and some suppositions that Legislators are mulling around. Senators agreed to extend the tax credit for first time home buyers and to offer a reduced credit to some repeat buyers. $8K for 1st time buyers and up to $6500 to repeat buyers that have owned their home at least 5 years. Those are the facts. The Legislature is considering, for 1st time buyers, to extend the $8K tax credit through March, 2010. After March, the $8K will go down $2000 for each month until the end of June, when it will be over.
This is great news. Our housing market in Utah was one of the last markets to feel the pinch on value depreciation, and it will likely be one of the last to recover fully. Don’t get me wrong…we have bottomed out, in my opinion, we just need more time to emerge into a vibrant market which is able to support our Builders in erecting new homes, and eat up existing inventories to levels that promote growth.
If you are reading my Mortgage Market Update in our monthly newsletter, you are well informed about the fact that the Feds are now scaling back their purchase of Mortgage Backed Securities (MBS). You have read that the impact of this will be a smoother transition to higher mortgage rates. My recommendation to our Members is not to sit on the sidelines. If you are considering a purchase in the next 1-5 years, I suggest you begin your purchase NOW. We could very well be at 6% on a 30 year fixed mortgage by March and, I believe, we will go up from there. Your interest rate is the single most influential factor on your monthly cash flow.
Please contact me if you want to hear strategies that I have been implementing for my clients. These strategies are intended to minimize your interest rate and improve your cash flow for long term success in home ownership. There are many factors that go in to my ultimate recommendation.
Success to you my friends,
What is really going on in the Utah Real Estate market?
We’re inviting you to a special workshop, co-sponsored by the Utah Chapter of the Financial Planning Association, and of course, zoomUTAH.com.
You’ll get valuable tips from various experts on such topics:
Be prepared to take a lot of notes! Whether you’re a first time home buyer or a seasoned real estate investor, you do not want to miss this free seminar.
To Register Visit http://www.zoomutah.com/events/
Have you heard about the new housing rescue bill that passed last July? One of the most exciting new provisions of the Housing and Economic Recovery Act of 2008 is the First-Time Home Buyer Tax Credit. The credit is designed to encourage first-time home buyers to go ahead and make the leap to purchase their first homes.
First Time Home Buyer Tax Credit Rules:
How the tax credit works:
Tax Credit Loan Repayment Terms
The tax credit isn’t really a tax credit, it’s really just an interest free loan with some qualifications. You have to start paying back this loan within two years and you make equal payments over 15 years. When you sell your home, any profits will go first into paying off that loan. If you sell at a loss, the difference will be forgiven.
Combine this tax credit with the fact that home prices are dropping, interest rates are very favorable, it is indeed an ideal time for many first-time home buyers to purchase homes.
Feel free to contact us for additional information on how you can take advantage of this opportunity.