Pennsylvania First Time Home Buyer Assistance

Fannie Mae is offering buyers up to 3.5% in closing cost assistance on HomePath properties through December 31, 2010.

The qualifications to be eligible for the incentive are:

• The initial offer must be submitted on or after September 23, 2010.  Must close on or before December 31, 2010 and close within 60 days of offer acceptance.
• Only owner occupants purchasing a HomePath property will receive up to 3.5% in closing cost assistance.
• Must request incentive upon submission of initial offer in order to be eligible.

In addition, selling agents representing owner occupants purchasing a HomePath property will receive a $1,500 bonus.  No bonus will be given for investor purchases.

A report tallying the number of homebuyers who claimed the Homebuyer Tax Credit was released by the GAO (Government Accountability Office).  The full report can be viewed at GAO-10-1025R.

So far, 2.3 million buyers have claimed $16.2 billion of the $8,000 and $6,500 tax credits for first-time and qualified repeat buyers.  Of the 2.3 million claims, 1.7 million buyers claimed the $8,000 first-time buyer credit for $12.1 billion.  600,000 claimed the $6,500 tax credit for qualified repeat buyers for $4.1 billion.

Per the GAO Pennsylvania total claims processed as of 7/3/2010:  41,257  and  the total dollar amount $274,058,755.  The numbers are still incomplete as the IRS continues to process submitted claims.