A call has been made by the National Association of Realtors for the $8,000 First Time Homebuyer Tax Credit program, which ends on November 30th to be extended. This is around the same time that NAR are calling for the new FHA Loan Limits to remain in place for a while longer.

Both of these programs are key to the housing markets recovery they say. Current FHA loan limits are as high as $729,750 in high cost areas, and are set to expire at the end of the year and revert to lower amounts. The First Time Homebuyer credit of course is set to expire in a little under 60 days.

According to NAR: “Making the current FHA loan limits permanent would ensure liquidity in the housing market and make mortgages more affordable for qualified buyers at a time when the market is showing signs of a fragile recovery…”

After all, FHA backed loans are forming the backbone of the lending market at the moment.

Also, in terms of the Tax Credit, which NAR believes should be continued into 2010, that every home purchase pumps into the recovering economy about $63,000 – the equivalent, they say of adding one new job to the employment figures. They also say that “the 355,000 to 400,000 transactions directly attributable to the credit made a significant dent in the housing inventory and will help to stabilize home prices.”

If NAR do not succeed in getting these changes enacted, it means that buyers should act now to take advantage of the programs while they still can. Contact us today for help in buying a home in the area.

As one of the top producing teams of experts in our field both locally and Nationally, our full service team strives hard to make sure your real estate transaction is a truly rewarding experience.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Northwest Indiana Real Estate using our complimentary Northwest Indiana Real Estate MLS Search service. Alternatively please contact Jana Caudill and the team if you need more specific assistance in your Northwest Indiana Real Estate needs. You can call the office on: 219-661-1256 or email us on: jana@janacaudillteam.com

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Crown Point IN 46307

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