first time home buyers

New grant being offered for military personnel

newadmin

A new grant is now being offered for first time home buyers who are active-duty military persons, veterans, retired members of the military and employees of the U.S. Department of Defense and the Department of Homeland Security.   Eligible participants may be granted up to 5,000 to use toward a down-payment and/or closing costs when buying their first home.  The grant can be applied to a mortgage issued by any financial institution. The Pentagon Federal Credit Union Foundation make this program possible, allowing it’s recipients a little helping hand when deciding to buy.

The requirements are as follows:

  • Military affiliation – (active duty, reserve, National Guard or veteran) – a Department of Defense employee or a Department of Homeland Security employee.
  • First-time homebuyer or not owned a home for the last three years; or a home has been lost through divorce or disaster.
  • Gross household income, including allowances, used to qualify for a mortgage loan is a maximum of $55,000 per year, or 80% of a community’s median income based on family size.

Please visit the website for all information associated with this Dream Makers program

If you are in the market to buy or sell your home, please don’t hesitate to call and speak with one of our knowlegable agents.  We look forward to hearing from you.

Yours in Success,

The Florida Future Realty Team. 

239-542-8521

inquiry@floridafutureagents.com

Extension to the first time and repeat home buyer tax credits

newadmin

Congress just passed yet again another extension to the first time and repeat home buyer tax credits.  The tax credits allow up to 8,000 to new home buyers and up to 6,500 to repeat home buyers.  The former bill stated that a valid contract must be entered into by
April 30, 2010 and closed on or before June 30, 2010. 

The new bill allows for a little breathing room to buyers who are involved with the arduous process of short sales and banked owned foreclosures, there are many of these properties available in today’s market and are offered at a discounted rates which makes them a
desirable.  These types of transactions are known to take quite a bit longer than traditional real estate sales transactions to complete. 

This new bill allows for all contracts entered into by April 30, 2010 can now be closed on or before September 30, 2010 and still be eligible for the tax credits.  The new bill doesn’t grant any new tax credits, it only extends the deadline in which the transaction can be closed. 

Home buyers and investors that have been involved in long bank negotiations can still reap the benefits of these generous tax incentives.  This extension will allow buyers the opportunity to purchase a home or investment property they may have not been able to otherwise.

If we can help in anyway please don’t hesitate to call.

Yours in Success,

The Florida Future Realty Team

239-542-8521

Inquiry@floridafutureagents.com