Another way to take advantage of the $8000 Tax Credit

Alright all you 1st time homebuyers!!  Time for another way to take advantage of this incredible $8000 tax credit!!  Florida had done away with down payment assistance programs such as Ameridream, but there has now been $30.1 million set aside to re-create new down payment assistance programs.  Beginning in July, those of you who would qualify for the 1st time homebuyers tax credit, (1st timers, or if you have not owned a primary residence for the last 3 years), may apply for this $8000, (all of it or some of it, I believe), and then repay the program when you get your tax credit.  The $30 million is basically set up as a loan, the state loans you the money, then you pay them back.  If you live in the house as your primary residence for 3 years, you also do not have to pay it back.  

This stimulus package, included with the lowest rates of below 5% in most cases is incredible, and we've seen sales & interest in purchasing pick up dramatically.  

Stay tuned, there is also a bill being passed to increase the homestead exemption for 1st time home buyers from the 2 $25,000 exemptions to a total of a $100,000 exemption, which will lower 1st time homebuyers taxes!!  More details on that to come as information comes available!

 Perhaps the shiniest: $30.1 million for down payment assistance programs. Beginning July 1, those who qualify for the federal first-time homebuyers tax credit will be able to apply for down payment assistance in advance of closing, and then repay the amount borrowed when they get their tax refund.