The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

The following questions and answers provide basic information about the tax credit. If you have more specific questions, please feel free to contact me and I also encourage you to consult a qualified tax advisor or legal professional about your situation.

Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home, new or resale, are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

The home building industry new website, BuilderOnline http://www.builderonline.com, has ranked Raleigh as the 6th healthiest housing market in the United States.

According the article, "Another state capital with multiple universities, Raleigh was still adding jobs at a 2.6 percent rate last year. With a population of more than 1 million, it also has one of the highest rates of population growth of any top metro market in the country over the last five years: nearly 5 percent annually. Though the price of a median home here, $223,400, is above the national average, it is well below other cities in the Mid-Atlantic and Northeast. The metro area has added roughly 65,000 jobs since 2005, and employment held steady last year".

William "Art" Sexton
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www.Raleigh-Real-Estate.biz

Foreclosure

• For homes in North Carolina, visit http://www.hmbireo.com which is a free site to search for HUD homes.  It is the offical listing of HUD homes and is updated every Friday with new listings
• HUD Homes are listing in the Triangle MLS and so you can find them listed in the MLS search on my website http://www.raleigh-real-estate.biz

The Rurual Economic Development Fund is what it use to be called, now it’s just a part of the USDA, and the goal is to provide mortgages, and incentives for the purchae of homes in less “densly” populated areas. 

Although 100% financing with conventional mortgages is out and FHA with down payment assistance is no longer available, you can get 100% financing through a USDA loan.  Just about the only 100% options area VA and USDA.

There are certain eligibility requirements that must be met in order to obtain a USDA loan.  Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home is located in, your current income and credit history, as well as the number of dependents you can claim.