Good news for Panama City Real Estate First time home buyers…

Posted on August 1, 2008
Filed Under First time home buyers |

Panama City Beach Real EstatePer an article published by FAR (FLORIDA ASSOCIATION OF REALTORS®):

New law gives first-time buyers $7,500 tax credit…

Tell first-time homebuyers it’s time to commit: A provision of the recently-passed federal housing recovery bill gives first-time buyers an interest-free loan of up to $7,500 in the form of an income tax credit.

The credit equals 10 percent of a home’s cost up to $7,500, and applies to any single-family residence (including condos and co-ops) to be used as a buyer’s principal residence.

Read the full article here.

Other news 

Freddie Mac reported Thursday that the nationwide average for 30-year mortgages dipped to 6.52 percent this week, down from 6.63 percent last week.

Read the full article here.

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Comments

4 Responses to “Good news for Panama City Real Estate First time home buyers…”

  1. Eric Hundin on August 1st, 2008 6:48 pm

    I found your blog on MSN Search. Nice writing. I will check back to read more.

    Eric Hundin

  2. Jennifer Mackay on August 11th, 2008 2:05 pm

    Welcome Eric and thanks for the kind words.

  3. James on September 2nd, 2008 12:14 am

    Hi Jennifer,

    I was curious what your take is on the $7,500 tax credit. Is it truely a good deal or is it neutral and meaningless?

    Also curious whether you think the federal government shoul have done more?

    Thanks

  4. Jennifer Mackay on September 3rd, 2008 7:13 am

    James,

    IMO, while a step in the right directions I believe it to be too little too late.
    It is a temporary ‘loan’ and should be extended well into next year.

    I believe our elected officials could have done more and provided buyers significantly more incentives.

    Thanks for your comments.

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