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Pennsylvania Real Estate Incentives

Realtors Take Action to Extend Homebuyer Tax Credit

September 15, 2009 by · Leave a Comment 

REALTORS® from all around the country (including Commonwealth’s Pocono Realtors) recently sat down in front of cameras to send Congress an important message: the $8,000 first time homebuyer tax credit is working. But with the credit set to expire soon, it’s not enough.

Watch this video (video link click here – http://bit.ly/zs5fB) to learn more, and then send your own message to Congress telling them to extend and expand the tax credit.

How to send to your letter:

Subject:
Homebuyer Tax Credit: Extend and Expand

Dear [ Decision Maker ],

As a Realtor and a constituent, I can assure you that the $8,000 first-time homebuyer tax credit has definitely been a success. Homebuyer interest and housing sales increased almost as soon as the ink was dry on the tax credit legislation. Today’s lower prices and interest rates appeal to consumers, but it’s been the tax credit that has attracted people to open houses and to homeownership.

That progress could grind to a halt sooner than you think. Congress must act NOW to extend the credit through 2010. Otherwise, uncertainty will return and the market might again be frozen — possibly as soon as October.

A homebuyer is eligible for the tax credit only if the home is “purchased” before December 1, 2009. That means that buyers have to find a house, complete a contract, satisfy any contingencies, secure financing and go to closing by November 30. Accomplishing those tasks by November 30 will become more difficult with every passing day. In today’s market, it generally takes between 45 and 60 days to go from contract to closing.

The market has improved, but it has not yet fully corrected itself. The credit needs to be extended for an additional period of time and expanded in order to build upon the progress that’s been made. Uncertainty about the future of the credit will dampen consumer demand. The best way to assure continued housing activity is to extend and expand the credit and to do that NOW.

We can’t wait until late in the year to see what happens. Consumers will drop out soon if they can’t predict what’s in their future. Please act NOW to extend and expand the credit through 2010.
Sincerely,
[Your name]
[Your address]

Pennsylvania Real Estate Incentives

PA First Time Home Buyers – Get an advance on your tax credit to use for closing

June 11, 2009 by · Leave a Comment 

Now there are even more reasons to buy homes in Pennsylvania.

We blogged recently that the federal government gave first-time home buyers incentive to buy a home because they added an opportunity to the American Recovery and Reinvestment Act tax credit of up to $8,000 by first-time buyers to use the tax credit as a down payment or for closing costs. (Check out our recent blog post from June 8th – More reasons to buy Pocono Real Estate)

Then, today, the Pennsylvania Association of REALTORS announced that Gov. Edward G. Rendell created a plan to award a portion of the $380 million in federal economic recovery funds to assist Pennsylvania home buyers. According news from PAR, nearly 1,000 families will receive thousands of dollars to help make down payments on new homes, more than 5,000 families across Pennsylvania will find affordable housing and jobs will be created for some 3,000 workers.

These down payment and closing cost assistance programs will come in the form of advances on the tax credits and will be administered through the Pennsylvania Housing Finance Agency Tax Credit Advance Loan Program (TCS) and Keystone Assistance Loans (KAL).  Borrowers can use a portion of the tax credit in the form of a second, short-term, low to no interest loan to fund the down payment or closing.

There is plenty of Pocono real estate available. If you have always wanted a home of your own and have never had a chance before, now might be the perfect time.

Pennsylvania Real Estate Incentives

More Reasons to Buy Real Estate Now

June 8, 2009 by · Leave a Comment 

More reasons to buy real estate now!

It seems that the federal government really wants you to buy a home if you are a first-time buyer. Remember all the buzz about the American Recovery and Reinvestment Act tax credit of up to $8,000 for first-time home buyers who buy a home between January 1, 2009 and December 1, 2009. Qualifying taxpayers could claim the credit on either their 2008 or 2009 tax returns.

Well, if you haven’t already gotten your home, maybe because you didn’t have enough of a down payment or enough for closing….guess what, it was just announced that some states, Pennsylvania included, will allow first-time home buyers to use the tax credit as a down payment or for closing costs. That’s right. Through the Pennsylvania Housing Finance Agency Tax Credit Advance Loan Program (TCS) borrowers can use a portion of the tax credit in the form of a second, short-term, low to no interest loan to fund the down payment or closing.

There is plenty of Pocono real estate available. If you have always wanted a home of your own and have never had a chance before, now might be the perfect time.

Learn more about all of these programs by visiting: www.IRS.gov, www.realtor.org and search for the America Recovery and Reinvestment Act and then visit www.ncsha.org/uploads/tcalp.pdf to learn about your options in Pennsylvania.



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