I know we all want to shout from the rooftops about the wonderful opportunities there are out there right now for people who are in the position to buy. I find myself caught up in the excitement of the latest announcement just as we all are The latest buzz has been about the possibility of the use of the $8000 tax credit as a down payment rather than waiting for after the closing. The truth of this is that the goal is there to allow it to happen but the mechanics are yet to be worked out. Until they are worked out we don't want to count on this as an option in finding and helping to fund a home purchase.
As hopeful home buyers it is important to know your options and what is truly going to help you. We all hear so many things about how you can get into a foreclosure property so cheaply right now. How the market allows us to make offers that are much lower than asking price and we can get a home that is worth so much more than we paid for it. How we can use this or that program to make it easy and more affordable to own a home. It is really a time when you as a home buyer need a professional on your side to help you sort through the noise and find the things that are really helpful and true. 
I am hoping to hear any day now that we can suggest the $8000 credit will be usable to help in the actual purchase of the home. I will be shouting about it to everyone. Until that time there are many things that are available to help you work towards the goal of owning your own home. I can help you through the maze and come out a winner!
If you are thinking about exploring your options for buying a home please don't hesitate to send me and email or give me a call. I will help you to find the people and programs that can help get you become an informed and prepared home buyer. If you want to live in a great area within commuting distance to New York City but with a "vacation feeling" you may want to explore options in the Greater Hudson Valley. I work as a Buyer's Representative Agent in Orange, Ulster, and Sullivan Counties and I would love to help you. If you are looking for options elsewhere I can refer you to an agent there who can help you.
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Paddy Pizappi, Associate Broker for Buyer Representation
RJ Smith Realty - A Real Estate Solutions Company
Serving the Greater Hudson Valley of New York
from Pine Bush, NY at the corner of Orange, Ulster, and Sullivan Counties
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Hi Paddy - There sure has been a lot of posts about this subject this week here at AR. I think it would be great if they allow the $8000 to go toward a down payment. Anything to help lower the monthly payment, which would qualify more people for more home is a solid investment.
Thanks for your comment Dan. It would be great but until they work it out there are many options available to home buyers and a good buyer representative can help them find the way.
Paddy - it definitely is important to keep on top of this. Keep your buyers updated about all of this.
Absolutely Mike and as soon as they have details worked out I will be shouting it from the mountaintop. I just don't want to give people false hopes or bad information. Thanks for the comment
These programs exist around here (my neck of the woods (for conventional loans)) but are still being worked out for FHA. Supposedly HUD is hard at work on it. Hopefully "hard" doesn't translate to taking a long time!
It would have been nice if Congress would have left the $8K stimulus in for all buyers. We would have really seen things take off here in the real estate market...
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I have not found it to be prevalent here in NY state Steve. Conventional loan providers are often able to do more than FHA and do it quicker
Yes the market is picking up but would take off faster if it was for everyone Michael. Still waiting for this latest announcement to become fact.