Gainesville FL Real Estate Blog

The idea of purchasing your first home is an exciting one, but to novices the process may appear to be a daunting one. Fear not, however! There are numerous government agencies and programs available to help you purchase your Gainesville FL real estate. Listed below are online sites which provide a wide variety of resources for your assistance.

1. Department of Housing and Urban Development (HUD) offers explanations and logical steps to home buying. Access this site to:

• determine how much you can afford to pay
• understand your rights
• learn about home buying programs
• find a home and a loan suited to your needs
• learn about price negotiations, inspections, insurance, and closing costs

2. FHAHomeLoans.com will provide you with

• a description of available programs
• qualification requirements
• an application to download

3. HUD.gov supplies information about

• available state programs
• HUD homes
• buying Gainesville FL real estate with bad credit
• counseling agencies
• types of loans (more…)

Low listing prices, reasonable interest rates, and an abundant variety of homes to choose from are among a few of the reasons now is the perfect time for buyers to make a move in today’s real estate market. Current market trends and other factors have made conditions even more favorable for first-time homebuyers. Though becoming a homeowner comes with huge responsibilities and financial commitments, first-time home buyers should take advantage of the market over flowing with opportunities. The following tips will help ease the mind when considering the smart purchase of your first Gainesville FL home.

1. Become familiar with the new first-time homebuyer federal tax credit.

People who are considering the purchase of their first home, or have not been home owners for at least the past three years can gain great benefits from the first-time homebuyer tax credit. According to FederalHousingTaxCredit.com, qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before May 1, 2010 will receive a tax credit of up to $8,000. Unlike past tax credits from 2008, the money received does not have to be repaid, unless the homebuyer sells the property with in three years.

2. Determine what is reasonably affordable.

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Gainesville home buyers to benefit from more FREE money…

The $8000 first-time home buyer tax credit was scheduled to expire in just a few short weeks…Nov 30, 2009. I say ‘was’, because the Senate voted unanimously to extend the credit on Monday and the House of Representatives approved the extension yesterday afternoon by a vote of 403-12. The extension includes an expanded tax credit to repeat home buyers. The bill now goes to the President for his signature which is expected to happen today. 

Home Buyer Tax Credit Expansion and Extension 

1. The $8,000 tax credit will be extended and available for first-time home buyers through May 1, 2010.
2. A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
3. Prospective buyers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
4. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
5. Limitation on the cost of a purchased home is $800,000. 

If you know anyone looking to buy their first Gainesville home at a time when prices and interest rates are still down, or if you are thinking of buying another Gainesville home and getting the new $6,500 credit please contact me today.

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