More about Tax Credit fomebuyers

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You heard it right: the program that's paying first time homebuyers AND those who purchase their replacement home, is set to expire in less than 3 weeks. Here are some facts about it:

• Credit amount up to $8,000
• For any home purchase where a sales contract is signed by April 30, 2010 and closes by June 30, 2010
• Available on single-family detached homes, townhomes and condominiums
• The tax credit does not need to be repaid unless the home is sold within the first three years after purchase

This program will NOT be extended anymore so if you think of buying a home, you need to start acting now. Please contact us!

Mortgage Applications on the Rise

Mortgage Bankers Association reports that the number of mortgage applications last week was almost 13% higher than a week before. Most of that increase were filings for government-insured loans like FHA. In general, government-insured mortgages made up 45.7% of all purchase applications last week - the highest proportion since November 1990.

Government sponsored loans are especially attractive to first time homebuyers who are rushing to take advantage of the last weeks of homebuyer tax credit that runs through November 30th.