Raleigh Real Estate Group

In yet another major move by Fannie Mae, the company has announced that it will cover the closing costs on purchases of its repossessed properties. Basically this means that buyers will receive 3.5% of the final sales price. This money can be used towards closing costs, or for new appliances. (Yes, that Ferrari in my driveway is an appliance!)
Closing on the house must be completed by May 1, 2010. Another incentive they are offering is only requiring 3% down on house purchases through HomePath Mortgage.
Fannie Mae has finally wised up to the fact that the best way to help the market recover is to get those foreclosed properties off the market. They’re hoping that many buyers taking advantage of the federal tax credit, for this additional help may move some of those properties.
This may or may not have something to do with Fannie’s recently released date (though not news to us) that the rate of delinquent loans has escalated. Meaning we’re going to see a flood of new foreclosures. Which means Fannie knows the value of its inventory is going to be worth less than Obama’s Nobel prize soon. So their philosophy is “get ‘em moving now.”
We’ll see how this drama plays out… But we’ve seen it coming since the middle of last year. The key is to keep the properties moving and not let this shadow inventory of foreclosures turn into a nightmare. We’ll keep doing our part, helping honest, decent folks find their way out of debt and into new homes.

Why is now a good time to buy a home? One reason would be that current market conditions are ideal for home buyers. Another reason would be the $8,000 tax credit to first time home buyers.

This is just a quick informational post. If you are thinking about purchasing your first home, you should make sure to find out if you are eligible for this $8,000 tax credit.

If you don't want to read all the dry details on the official site, here's the quick version. To get the credit, there are some income limits, $75,000 annually for a single individual, or $150,000 for couples filing a joint tax return. Even if your income exceeds these numbers, you can still get a partial tax credit adjusted by how far your annual income exceeds these numbers.

The house must be purchased between January 2009 and the end of December 2009. Properties are supposed to be in new or like new condition. There is a lot of lee way for this criteria, so a property needing a few repairs shouldn't prevent you from getting the property and claiming the tax credit.

If you do have any questions or need more information about this program, you can read about it on the official tax credit website here. You can also contact someone from Raleigh Real Estate Group. Good hunting!