The Indians to the Rescue!! 100% Finanacing; How will the $7500 Tax Credit help first time buyers…
October 26th, 2008 Categories: Mortgage and Loans, Real Estate News, Real Estate Trends, Sacramento Real Estate, Sacramento Sellers
Wow, Who’d have thought that a Sioux Indian tribe of South Dakota could ever help our Sacramento Housing Market?
That’s exactly the case with a new program designed to resurrect down payment assistance programs that were eliminated by Congress after Oct. 1st 2008…
Indian Tribe Mortgage Program is a second mortgage program offered by the Lower Brule Sioux Indian tribe and is sure to keep out first-time buyer market active here in Sacramento by resurrecting 100% Financing.
What’s great is that this program requires no monthly or amortized payments!!
If you add the 7500 tax credit that was part of the massive housing rescue package that President Bush signed in August, and the affordability of our under $250k market here in the Sacramento area; It makes absolutely no sense to rent!
It is actually not a credit at an interest free loan for first time buyers. It must be paid back.
I found a a special web site with a great overview of the program. There is also another source of here at active rain: $7500 tax credit frequently asked questions.
This is absolutely fantastic stuff for our local market– as I have written frequently, the lower price ranges, where first time buyers and investors are competing for homes, has seen some real stability in the Sacramento area and these programs will help to continue the demand for those homes. Without the stability and predictability for those lower price ranges, our market may have seen even more deep price drops in those price ranges where, right now, buying makes a lot more economical sense than renting.
