Sunday, August 17, 2008

First Time Homebuyer Alert, Part 1

If you've been on the fence about whether or not to buy your first home, NOW is definitely the time--before October 1st!

The Mortgage Relief program recently passed by Congress goes into effect on that date and eliminates downpayment assistance programs. In fact, many mortgage lenders have already eliminated the option in anticipation for the October 1 deadline. After that date, the only assistance buyers will be able to get is through their family or friends in the form of gift funds.

Another perfect first time buyer option ends September 30th. Any HUD home purchased by an owner occupant buyer is eligible for $2,500 towards expenses and $100 downpayment options on most homes. Plus, the advantage of a HUD home over a bank-owned home is that your offer will be competing against other owner-occupants during the first week the property is on the market, rather than with investors who pay cash (which banks tend to prefer).

Whether for yourself or someone else you know thinking of taking the leap, the door is closing fast on these great opportunities.

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