If you were a prospective buyer (which you may be), it would be a no-brainer right? THEN WHAT ARE YOU WAITING FOR?


“Buyer’s Markets” are very interesting because ironically, Buyers tend to NOT buy but instead WAIT (and miss out on opportunity.) Conversely, in a “Seller’s Market” most

Buyers can’t seem to control the impulse to buy (and make very stupid mistakes – just see what happened to Hitler HERE).


This $10,000 deal is not a hoax by the way, it is actually a TEMPORARY (meaning this WILL go away when they run out of money) down payment assistance program being put on by the City of St.George. / Five County Assoc. of Governments.

If you add that to the $7500.00 tax credit (which must be paid back so ask us about this), being offered by the Federal Govt…you’ve got a lot of incentive to buy a home right now.


Here is an email I received earlier this morning from one of our very favorite lenders, Blake Bench of Countrywide:


Let me get on a soap box for a second and talk about first time buyers.  I know that consumer confidence is scary low right now and people don't want to do anything but the media may be hiding some real opportunities.


I put a deal together yesterday for a first time buyer with a 610 credit score.  He has limited money in the bank for a down payment.  I hooked him up with a $10,000 down payment assistance program for a house in the city of St. George.


Couple that with the $7,500 tax credit he will get and we are talking about $17,500 of interest free money that we are getting this kid to buy a house. To me that is a total NO BRAINER.


Here is why buyers need to act soon.  If they wait until 2009 to buy they will have to wait until 2010 to get their tax credit.  The $10,000 tax credit is available until the organization runs out of money.  If they don't get it now while it is available they may never get it.


That all said, I can’t make a decision for a buyer as to whether we have “hit bottom” or if this is the “right time.” I simply know #1 - these kinds of opportunities only come in seasons, and #2 – If you forego those grants, PLUS interest rates climb 1% in the next year, you may need the market to fall another 20-30% to make up the difference! (see an analysis of something similar HERE).


The basics:

  • This program is ONLY available in the St. George City Limits
  • Sale price limit of $301,083
  • Is a non-interest loan payable when you sell or refinance, but after 15 yrs is forgiven!
  • Income limits apply

You can email me or Blake direct with questions about the program. If you want to see a copy of the guidelines, we will also send that to you. Blake_Bench@Countrywide.Com or larkin@gostgeorge.com.


In the meantime, tell your friends and family about it – they will thank you!