Good news! There has been a recent increase in sales activity throughout RI of homes being purchased by first time buyers! First Time Home Buyers are a driving force in the recovery of our housing market. The American Recovery and Reinvestment Act of 2009 has made up to $8000 tax credits available to qualified first time home buyers for homes purchased between January 1 - November 30, 2009. As long as the home buyers stay in the home for at least three years, they do not have to repay this credit. To fully understand this tax credit and other programs available, we invited Ann Palmisciano, a Mortgage Originator and Elaine Hebert, Assistant Director of Alternative Lending, both from Rhode Island Housing to speak to our Cumberland office. Rhode Island Housing offers incredible programs including low interest loans, grants, education, advocacy and consumer counseling to help consumers to prepare for a purchase and retain their homes. Who qualifies as a first time home buyer? If you have not owned a principal residence in the past three years, you can qualify. This tax credit is not the only assistance available to buyers. The new Neighborhood Stabilization Program provides funding that can be used toward Homebuyer Assistance. Homebuyer Assistance may provide up to 20% of the purchase price up to a maximum of $40,000 in down payment assistance to income eligible home buyers purchasing qualified foreclosed properties in foreclosure-impacted neighborhoods. In conjunction with our efforts to understand what is available for first time home buyers, our office is throwing an Open House Event on Sunday, June 14, 2009. We will be opening many of our listings priced for First Time Buyers! Our open houses will be stocked with materials that will help to answer questions and provide further resources. Visit our website next Thursday to view the addresses and times of First Time Homebuyer Open Houses!FIRST TIME BUYERS - Open House & Tax Credit Info
- By Michael McCann
- Posted
Good news! There has been a recent increase in sales activity throughout RI of homes being purchased by first time buyers! First Time Home Buyers are a driving force in the recovery of our housing market. The American Recovery and Reinvestment Act of 2009 has made up to $8000 tax credits available to qualified first time home buyers for homes purchased between January 1 - November 30, 2009. As long as the home buyers stay in the home for at least three years, they do not have to repay this credit. To fully understand this tax credit and other programs available, we invited Ann Palmisciano, a Mortgage Originator and Elaine Hebert, Assistant Director of Alternative Lending, both from Rhode Island Housing to speak to our Cumberland office. Rhode Island Housing offers incredible programs including low interest loans, grants, education, advocacy and consumer counseling to help consumers to prepare for a purchase and retain their homes. Who qualifies as a first time home buyer? If you have not owned a principal residence in the past three years, you can qualify. This tax credit is not the only assistance available to buyers. The new Neighborhood Stabilization Program provides funding that can be used toward Homebuyer Assistance. Homebuyer Assistance may provide up to 20% of the purchase price up to a maximum of $40,000 in down payment assistance to income eligible home buyers purchasing qualified foreclosed properties in foreclosure-impacted neighborhoods. In conjunction with our efforts to understand what is available for first time home buyers, our office is throwing an Open House Event on Sunday, June 14, 2009. We will be opening many of our listings priced for First Time Buyers! Our open houses will be stocked with materials that will help to answer questions and provide further resources. Visit our website next Thursday to view the addresses and times of First Time Homebuyer Open Houses!
