As of December 1st 2009, this program is history. If you are thinking about buying a home, get off your tail feathers and contact your Lender or Realtor today to see where you really stand. The loan needs to be closed by the end of November.
I personally would like to see this program extended. It has had a very positive impact on the real estate market in Missouri and we are seeing that trickle up to the second home market. One unique item in this local market that is not available in every state, is a program within Missouri that allows the home buyer to take this credit now and apply it toward the downpayment. This has been crucial as the down payment funds are often not available to the average first time homebuyer. We also have MHDC money that can be used in conjunction with the tax credit.
US News reported that Senator Isakson, a Republican from Georgia, introduced legislation to bump this up to 15k next year and it may be available to everyone purchasing a home. I have no idea if this bill will pass, but,I think it has a benefit. One thing I’m still debating in my own mind, is, are we switching from one system that did not require the homeowner to have a real vested interest in their property, to another system that does the same thing? We are again skipping the saved up downpayment, and we are again falsely inflating the purchasing power of the buyer. That is a bit scary. What about a cash for house junker program. Demolish your old energy in-efficient home and build or move in to a more modern structure and receive a tax credit. This takes out some of the old outdated supply.
If you are in the Saint Louis market and you are looking for real estate assistance, call William Frost at 314-620-6822.
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