Homebuyer Tax Credit Alternatives

It expires tomorrow but that doesn’t mean no one else hasn’t come up with creative ideas.  Fannie Mae has extended their 3.5% credit but it is only available on Fannie Mae owned properties and they can be found at www.homepath.com.  “This program gives buyers back 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of selected appliances.”

Coldwell Banker came up with their own idea too.  Although it appears that the seller has to agree to pay the 3% up to $8,000 towards the buyers closing costs it has been affective seeing as the media has picked it up and it is getting free publicity. 

… on May 1, 2010, immediately following the expiration of this government initiative, home sellers participating in the Coldwell Banker Buyer Bonus Sales Event will offer a credit of 3 percent (up to $8,000), when part of an accepted offer,  of their home’s purchase price to buyers who sign a contract before July 31, 2010.  There is no deadline for a closing date.

http://www.cnbc.com//id/36825206