It appears that many Florida first time home buyers will not be able to receive the $8000 rebate cash advance that was previously proposed.
It's taking longer than originally planned to administrate and get the funds to the local agencies that then get the money to the home buyers. There are also rules regarding who is eligable for the advance; in some areas, there are income limits, as well as a month that must be taken to advertise the availability of the credit advance before allowing applications.
As the deadline of Nov. 30th looms, many will not be able to take advantage of the advance due to the longer time it is taking to complete a home sale..in many cases, short sales taking up to 3 months to complete the process.
About $30 million was allocated to the program, which began July 1. So far, $12.6 million has actually been sent to local housing agencies.
