Livermore Ca.
For 2009, the opportunities for first time homebuyers are better than they have been in many years. Here are some of the reasons why.
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Home prices are lower, first time home buyers can now afford to buy a home.
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Home prices for entry level homes in our East Bay Tri Valley area are as low as the low to mid $200K's. In the Central Valley cities of Tracy, Mountain House, and Manteca entry level houses are now priced in the mid $100K's.
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Interest rates remain at historic lows thereby making the home ownership dream more affordable.
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There are many houses available for sale with bank owned REO's available at great prices.
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New government laws have created substantial tax breaks for first time homebuyers.
Click here for more info on this tax break.
http://money.cnn.com/2009/01/29/real_estate/tax_credit_near/index.htm?postversion=2009012907
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With the income tax breaks currently in place where first time buyers can deduct property taxes and mortgage interest expense as well, in many cases it is more affordable for people to buy a home than it is to rent. Click here for more info.
www.washingtonpost.com/wp-dyn/content/article/2008/02/16/AR2008021602005.html
As of 2/17/2009, as part of the Obama economic stimulus plan, there is a $8,000 tax credit for home buyers who purchase a home in 2009. Click here for more information.
http://images.kw.com/docs/0/8/4/084502/1234823661116_2009_First_Time_Homebuyer_Tax_Credit.pdf
On 5/29/09 the Federal Government came out with a plan that allows first time buyers to use the $8,000.00 tax credit as part of their down payment. Here is that info ...
WASHINGTON (Reuters) The Federal Housing Administration will allow the new $8,000 first-time homebuyer tax credit to be applied directly toward home purchase costs when using an FHA-insured mortgage, the Department of Housing and Urban Development said on Friday.
The plan to "monetize" the tax credit up-front is aimed at more quickly stabilizing the housing market, HUD Secretary Shaun Donovan said in a statement.
But in detailed rules, the FHA will still require home buyers to provide a minimum 3.5 percent downpayment from other sources.
The $8,000 tax credit for first-time home buyers was created as a part of the Obama administration's $787 billion stimulus plan. Some private lenders already were allowing buyers to apply the credits directly toward purchase costs through special financing schemes.
With the FHA following in a similar vein, a significant portion of the first-time homebuyer market will have up-front access to the credits instead of waiting until tax returns are filed.
"What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing," Donovan said in a statement
FHA-insured loans, which largely have replaced the subprime mortgage market, now accounts for about 25 percent of new mortgages, senior HUD officials said, versus about 2 percent of the market two years ago. At this pace, the agency will insure some 2.2 million mortgages this year.
The National Association of Home Builders estimates that the $8,000 first-time homebuyer credit will stimulate 160,000 home sales across the United States -- 101,000 purchases from first-time buyers and another 59,000 purchases by existing homeowners who sold dwellings to first-time buyers.
Accurate, up to date information on all things real estate at
On the below pages, from tomlyons.com, you will find all the information that you may require to help you with your decision to purchase your first home. Thank You!!
Call or email Colleen with your questions.
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