Steamboat Real Estate Home Search and Blog

The stimulus package keeps getting better and better for first-time Steamboat Springs real estate buyers.  Now, there is talk that you’ll soon be able to use the $8000 tax credit as a down payment.

Steamboat buyers who haven’t owned a home in three years are finding this is one of the best times to buy real estate in years.   First time buyers are taking advantage of great prices and even better terms on mortgages. Soon, it may be possible to use your tax credit to get the government to pay for your downpayment.

HUD Secretary Shaun Donovan has announced that buyers who haven’t owned a home in three years may soon be able to use the $8000 tax credit as a downpayment on a home by borrowing against the $8000 credit with a short-term bridge loan.  This would allow homebuyers using FHA financing to access the funds at closing, so they don’t have to wait until next year’s tax refund to use the credit.

Mr. Donovan said, “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment.”

There are two types of financing that work great with first time home buyers, and they don’t require perfect credit scores:

• USDA Loans–Buyers can finance up to 102% of the purchase price, and the USDA just raised the income level to $92,000 for single people.
• FHA Financing–Buyers only have to put 3.5% down.   (If buyers are soon able to use the $8000 first time buyer tax credit, Steamboat buyers could buy a $228,000 home with nothing down.)

See ALL available Steamboat Homes, Condos, and Townhomes for sale under $250,000 .

Call (970) 819-6372 or contact us to learn more about buying your first Steamboat home.