Roy Oppenheim on CBS: How to buy South Florida Real Estate

Shannon: Looking to buy a new home for the first time, this can be an ideal time to do so because there are a lot of incentives out there. CBS4’s Chief Consumers Investigator, Al Sunshine, is live in our phone bank tonight. And we have experts there who are answering any questions that people might have about buying a home for the first time, Al.

Al: Shannon, absolutely. You know, it turns out that a lot of those home buying programs are being expanded. With me now is Broward attorney, Roy Oppenheim. Roy, what’s the bottom line? What kind of deals are out there now for everybody?

Roy: Well first of all you have the Home Buyer Program, where first-time home buyers get an $8,000 credit, which has been extended to May 1, 2010. Then you have the new program, where home buyers who’ve been in their home for three years can get a credit of $6,500.

Al: And then there are also some new programs for people that are in homes and facing possible foreclosures. Tell us about the new Fannie Mae program.

Roy: Absolutely, Al. There’s a new program called Deed for Lease, where if you are in foreclosure or if you have not been able to qualify for a modification, you can actually tender your deed to the government, to Fannie Mae. And you can then get back a lease and stay in your home.

Al: Thank you very much. Now, a lot of this is complicated. We’ve got the experts here to give you the simple, simple information on it. We’re gonna be here through 6:30. Just give us a call. The number (305) 597-4404, at our Neighbors 4 Neighbors, Money Monday phone bank. I’m Al Sunshine, CBS4 News.

Shannon: All right, Al. Thanks.