$8,000 Home Buyer Credit May be Extended

The deadline for the current $8,000 credit is November 30. To take advantage of this, buyers may need to make an offer on a house by the end of September, according to the National Association of Realtors. (That's because it's taking longer to complete transactions these days, the trade group says.) In the face of this looming deadline, housing and real estate interest groups have stepped up their efforts to convince lawmakers in Washington to extend the credit. Sen. Johnny Isakson, a Georgia Republican who worked in the real estate business before turning to politics, has been pushing for an expansion of the credit for some time. "December through February is historically the worst time for home sales anyway because of the winter months, so with the credit ending November 30, you have a double whammy" on the market, Isakson says. On Wednesday, he and several other lawmakers—including Senate Majority Leader Harry Reid, a Nevada Democrat—introduced a bill that would extend the tax credit for an additional six months. (Isakson had previously introduced legislation to extend the credit by a year.)
Credit--Luke Mullins, US News and World Report

Rates are Still at All-time Lows

As of September 18,2009

FHA 30 Year Fixed
$175,000 to $417,000
Credit Score 660, 3.5% Down
5.00% & 04.75% & 1.5 points
FHA - Jumbo 30 Year Fixed
$417,001 to $560,000 (Baltimore Metro Area)
Credit Score 660
3.5% Down
5.25% & 5.00% & 1 point
Conforming 30 Year Fixed
$275,000 to $417,000
Score 740
5.00% & 4.75% & 1 point
15 Year Fixed
$275,000 to $417,000
Credit Score 660+
4.375% & 0
Conforming ARMS5/1 Libor Arm
$275,000 to $417,000, 5/2/5 Caps,
Credit Score 740
4.125% & 3.75% & 1 point

September Housing Update

As of today in The Forge:

--15 houses currently for sale from $268.5K -$319.5K. This is less than 1% of the homes in the neighborhood.
--12 are 3bdrms w 1 bath, 3 are 3bdrms w 2 baths.
--8 homes are currently under contract
--It took an average of 43 days for these homes to go under contract.
--7 homes have sold since August 1.
-- 3 were 3 bdrms w closing prices from $267K- $304K
--2 were 4 bdrms w closing prices of $309K-$350K
--1 was a 5bdrm closing at $440K.

The deadline is approaching for the First-Time Homebuyer credit! This is such a deal! $8,000 can be yours if you settle on your first property (within the last 3 years) by DECEMBER 1. Rates are still low, and houses are very affordable! Need more details? Have questions? Write in or feel free to call me.