Panama City Real Estate | Congress Restores Rural Mortgage Help

Here’s the latest from NAR on the Rural Housing Program…

The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama.
The National Association of REALTORS® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers.  Read more | Florida Real Estate | Panama City... (366 words, estimated 1:28 mins reading time)

Panama City Real Estate | Tax Credit Extension Passes; Senate OKs Flood Bill

I’ve just received this email.

Good news for those who have not closed yet…

After a close brush with a deadline that could have impacted tens of thousands of home buyers, the U.S. Congress last night passed an extension of the Home buyer Tax Credit closing deadline.

The extension is included in the Home Buyer Assistance and Improvement Act (H.R. 5623) and will prevent as many as 180,000 home buyers from losing their eligibility for the tax credit through no fault of their own. These households had home purchase contracts pending as of April 30 and had until June 30 to close on their purchases to claim the federal tax credit. Under the legislation that passed last night, these households now have until September 30 to close.  Read more | Florida Real Estate | Panama City... (383 words, estimated 1:32 mins reading time)

Panama City Beach real estate | Home Buyer Tax Credit

This week the Senate amended the Homebuyer Tax Credit:

The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit.

Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.  Read more | Florida Real Estate | Panama City... (243 words, estimated 58 secs reading time)

Panama City homes for sale | Rainy days and home buyers…

panama-city-real-estate-rainy-daysSince it’s raining today, I thought I would offer a few things that home buyers can do on rainy days…

While viewing homes is an option, the time may be better spent getting everything in order that is not already.

Here are just a few examples of what home buyers can do on those rainy days:

Get your financing in order – If you’ve not already done so, rainy days are optimal times to contact the lender and make sure your financing for the your new home is pre-qualified and you have your letter in hand.  Read more | Florida Real Estate | Panama City... (426 words, 1 image, estimated 1:42 mins reading time)

Panama City Real Estate | First Time Home buyer credit

If you’re a home buyer hoping to take advantage of the First Time Home buyer credit here are some helpful facts on how to take full advantage of the credit:

According the IRS.gov website:

  1. You must enter into a binding contract to purchase a principle residence by April 30, 2010
  2. You must close on the property by June 30, 2010, . Buyers may elect to use the credit on their 2009 or 2010 tax returns.

As you can see, time is of the essence and if you want to take advantage of the credit, now is the time to act.  Read more | Florida Real Estate | Panama City... (591 words, estimated 2:22 mins reading time)

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