The new housing rescue's first-time buyer's $7500 tax credit is what we all need to be selling as hard as we can right now. This feature is essentally a 15 year interest free loan, because it has to be paid back in 15 years, starting in year 2 , but it is the shot in the arm we all needed to break this housing recession.
Here's how I am promoting this:
- I created a flyer that I am putting on the windshield of every apartment dweller in every apartment complex in my market explaining that now's the best time to buy a house; probably in the history of the country, especially for first-time buyers. This flyer explains the law and also, tells the basic requirements for getting approved and gives a comparison of monthly rent compared to the equivalent house they can afford.
- I am going to help realtors in my market do the same and ask them to use my flyers and add their contact information in them.
- I am going to try to get realtors that I serve to promote this as hard as they can in their advertising and promotions too.
- I am going to put an ad in the local paper explaining the new law and the timing for people to take advantage of this.
- I am going to call everyone I qualified for a loan that never bought anything over the last 2 years and tell them now's the time.
- I am going to call past first time buyers that I helped buy a new home since April 9, 2008 to tell them the good news that they qualify and ask if they know anyone else that I should call to take advantage of this great news for a purchase up until Jul of 2009.
Considering that most of the 'better' buyers have been waiting on the sidelines for things to get better for the last several months, now's the time to promote that their waiting paid off and now they need to jump in. If they wait around much longer, they are going to find out that they missed the "bottom" of the market because this new law is going to create more enthusiasm and more buyers which will cause the great housing values in the market right now to rise.
Did I miss anything? Are you with me on this? Let's get a ton of new buyers and turn this market around so we can make some money before Christmas!
Thank you for your referrals!
Senior Mortgage Advisor
PHH Mortgage - 843-230-7929
Senior Advisor - Helping you GROW your business!
www.activerain.com./luckydog1 - SC
www.activerain.com/luckydog2 - NC
http://samthompson.phhmortgage.com/
That is great news.
It would be great if you could email me a copy of the flyer... I am also trying to explain the buyers time is running out for DPA .. you better act now.
I appluade your spirit. Non of this mopey sky is falling stuff...none of theis Congress should have done something else stuff...I suspect that you attract clients into your life with your positive attitude. Go! go! Go!
Sounds great, ESPECIALLY since I've had gloom & doom talked all week long about how bad it REALLY is going to get because of the fact that the DPA programs are going away. I have a LOT of people that I work with (1st time home buyers) that NEED this assistance as well. AND I've also heard that FHA down payment requirements are going from 3 - 3.5%.
Thanks for a little ray.....I would love the flyer emailed to me as well. Contact me for my office email....PLEASE.
I am not happy about the DPA change either but think that if this first time provision kicks in the better buyers, maybe we'll be busy with them until the others now depending on the grants can save the 3.5% needed if this part of the law stays in effect. I have been earning a living mainly due to the Genesis preferred DPA grant since most of my buyers are short on cash but now that we have something for the ones saving thier money waiting on the market to stablize, I think we are going to be okay.
Sam
what have you heard about the new proposed bill to revise the down payment assistance programs?
I have read the bill. Seems like it might get some support to revise the Oct. 1st ban?
I have a post where all the information available has been blogged. The link can be found here:
http://activerain.com/blogsview/617500/Information-regarding-the-7
I hope you dont mind me posting a link to my own blog, but I think it will answer many questions for your blog readers. I have mentioned the tax credit to a few buyers already, and the response was overwhelming. It seems like it may just be the ticket to get them motivated!
how do i apply for this tax credit? i am a first time home buyer and i have talked with a couple of morgage companies and all of them told me that they don't know anything about this tax credit. they said that it isn't "live" yet and their companies are not using it. i don't understand it. can it be used as a down payment, or how is it used for the purchase of a home? if you have any information it would be greatly appreciated, thanks.
this is something that will probably require another tax form to get like with other forms when you file your taxes. if you have excess credit+taxes paid in, a refund is due!
Sam these a solid ways to promote the program! We are suggesting that agents use our flyers - and print the info for a listing that falls in the first time homebuyer "price range" on the back! (which here is pretty much anything under 350)!