Breaking News: House extends Homebuyers Tax Credit

HOT OF THE PRESS!!!!

The Golan Team has just heard and wanted to pass it along to you ... In a last minute effort to help first time homebuyers, the House has passed a stand alone bill that would extend for three months Wednesday’s deadline for closing on a home purchase in order to claim the First Time Homebuyer’s Tax credit.

The Senate could vote as early as tomorrow on Bill, HR 5623. To read the full story click here

First Time Homebuyer Credit - The Golan Team (786-271-1235) shows you how to take advantage of it

This week The Golan Team (786-271-1235) worked with two First Time Homebuyers. They had a lot of questions regarding the first time homebuyer credit that is due to expire on April 30, 2010.

We thought if Buyers we are working with have these questions so to must a lot of Buyers out there.

Here is a terrific website that we hope will answer all your questions.

http://www.federalhousingtaxcredit.com/

Industry insiders are suggesting that the Home Buyer Tax Incentives will not be extended again when they expire at the end of April.

Remember that this credit not only applies to First Time Buyers but also for current owners if you meet certain guidelines.

If we can help you on your property search in Aventura, Sunny Isles Beach, Bal Harbour, Bay Harbor Islands. Surfside, Miami Beach, Hallandale or Hollywood area please do not hesitate to contact us at 786-271-1235, visit us on the web at http://www.golanteam.com/ or shoot us an email to info@golanteam.com

First Time Homebuyers Credit - $8000 you can use now to purchase a property.

July 4th has come and gone and I hope you all enjoyed the festivities and fireworks. Personally here in Aventura, Florida we had lovely fireworks though the weather was a little sticky and humid!!!

Well now that we’ve caught up on the festivities, thought I would share some more good news to all the first time home buyers out there (or the ones you may know). First off, let’s recap the definition of a “First Time Home Buyer”. These are classified as individuals who have not owned a “principal” residence in the last 3 years. This means that even if you own a vacation place or investment property you can still qualify. We first wrote about this in our blog on May 4th, 2009 (Do you want $8000? Buy a house and it’s yours!!!)

When this program first rolled out you needed to purchase your property and close by Nov 30, 2009. Then when you filed your taxes for the year you could apply for the credit. The credit went up to a maximum of $8000.

Last week on July 1, 2009 a new program names Florida Homebuyer Opportunity Program (FLHOP) was created to help First Time Homebuyers get their federal tax credit early and allowing them to use up to $8000 toward a downpayment. This bridge loan is created so that the new homeowner can effectively borrow the funds from the State of Florida and then pay them back after they receive the new tax credit.

For us as local Realtors we think this is going to healthily encourage purchasing of property with quick closings. We anticipate an upsurge of sales as more lenders and Realtors will educate their clients of this wonderful opportunity.

If you qualify for the First Time Home Buyer Credit or know of someone who does please send us information to info@golanteam.com or call us at 786-333-6200.