Student takes advantage of $8,000 housing stimulus

The government is currently offering stimulus money of up to $8,000 to first time home buyers that qualify until Nov. 30. With the stimulus money expiring Dec. 1, buyers that qualify must close on a house by Nov. 30.

Morgan McKenzie works for Crye-Leike Real Estate Agency and is a freshman English major from Trumann.

According to her, the 'closing date' is when the house is officially purchased and title is transferred from the seller to the buyer.

This doesn't include when the buyer makes an offer and the seller accepts it.

Home buyers must have certain income and credit qualifications to receive this tax credit.

They also must not have owned a house within three years prior to their purchase.

ASU students are among those who have benefited from stimulus money.

"We (Crye-Leike) have helped 12 to 15 first-time home buyers during the tax credit period. Of those, five are ASU students," McKenzie said.

Though some students chose Crye-Leike, other students found their first home with other realtors.

Amber Woods, a senior nursing major from Blytheville, had been saving money for years to buy her first house and when she had enough she chose Wade Gay at Exit Realty to help her.

"He was absolutely amazing and went above and beyond helping me close on the home," she said. "I want to have the home completely paid off when I enter graduate school in a couple of years, so it was very important for me to stay on budget."

Time for this stimulus money is running out, but the National Association of Realtors and the National Home Builders Association are hoping to push Congress to extend the tax credit, which could be good news for some hoping to purchase their first home next year.

Woods offers advice to help home buying prospects.

"Look in outlying areas. You'll get a lot more space for the money and the homes aren't so 'cookie-cutter' in style," she said.

Editor's note: Recent reports say the deadline to qualify for the stimulus money has been extended. Buyers, first-time or otherwise, must sign a sales contract before May 1, 2010, and close before July 1 to receive credit.