Waukesha, Wis. (PRWEB) February 9, 2010
Inlanta Mortgage is reminding potential, qualified homebuyers of several reasons making this spring a good time for home purchases, including tax credits, low interest rates and affordable pricing.
The first-time homebuyer tax credit and the move-up tax credit expire on June 30, 2010; a signed contract must be completed by April 30, 2010 to qualify for these tax credits. “Homebuyers need to remember that these are temporary programs,” said Jean Badciong, Chief Operating Officer at Inlanta Mortgage. “With the requirement that contracts be completed by April 30, house hunters need to be in the market now to take advantage of this opportunity.”
Congress created the $6,500 move-up tax credit for current homeowners in November 2009 when it extended the $8,000 first-time homebuyer tax credit. The move-up tax credit is available to those who have owned a home for at least five consecutive of the last eight years. For the first-time homebuyer, the credit is equal to 10% of the cost of the home, up to a maximum credit of $8,000. Buyers must meet certain qualifications to be eligible for these tax credits.
Badciong also notes that the Federal Reserve continues to buy mortgage-backed securities, but the government has stated it will gradually slow the pace of these purchases and eventually this program will expire. “Some experts expect mortgage rates will move up when the mortgage-backed securities purchase program does expire,” she said. “Currently interest rates are low and homebuyers should be aware that these rates do fluctuate. Purchasing now enables them to lock into an affordable mortgage rate.”
Also making this spring a good time to buy is the fact that homes across the country remain affordably priced. According to the Federal Housing Finance Agency’s monthly U.S. House Price Index released January 26, 2010, the index is 10.3% below its April 2007 peak.
“Spring is typically a popular time to house hunt and the current combination of tax credits, low interest rates and affordable home prices presents a favorable scenario,” Badciong said.
For more information about the tax credits and current mortgage rates, please call 262-513-9853.
About Inlanta Mortgage
Headquartered in Waukesha, Wis., Inlanta Mortgage is a mortgage banking company conducting business in Wisconsin, Illinois, Indiana, Iowa, Florida, Michigan, Minnesota, Missouri and North Dakota.
Established in 1993, the company has grown to 25 branches in nine states and more than 135 employees. Inlanta Mortgage provides its partner branches with outstanding support services, including underwriting, marketing, compliance, processing, human resources, training, technology, accounting, legal and in-house funding. Customers working with Inlanta Mortgage professionals have access to a variety of loan programs, including FHA.
Inlanta Mortgage upholds the highest level of honesty and ethics, delivering superior service and building long-lasting relationships. It is a member of the Mortgage Bankers Association and Lenders One, the largest cooperative of mortgage bankers in the nation. Inlanta is an accredited member of the Better Business Bureau with an A+ rating.
For more information, please call Inlanta Mortgage at 262-513-9853, or visit the company’s website at http://www.inlanta.com.