It’s Here! Buy a House Fast and Use Your Tax Credit Today!
Okay, the Federal Government is trying to help us all buy homes, and hopes were high for a $15,000 tax credit program for any home buyer in the country. Well, that didn’t happen. But don’t get down in the mouth. There’s some really good news for first-time home buyers: it’s still a good time to buy a house.
$8,000 Forgivable Tax Credit
Here’s the first shoe to drop in the President’s Stimulus Package: First-time buyers will get a tax credit worth up to $8,000 on their 2008 or 2009 taxes. You have to purchase the house between January 1, 2009 and December 1, 2009. To qualify, you have to earn less than $75,000 a year individually or less than $150,000 for couples. The credit starts to reduce in size on a decreasing scale for those with higher incomes, but here’s the great news.
You Don’t Have to Pay It Back!
Unlike similar recent proposals, the tax credit is yours to keep…thus the theoretical stimulus to the economy. You DO have to stay in the house for 3 years, but that’s why you’re buying the house. Right?
Buy a House Quick. The time is actually better than any other time in recent history. Prices are low – they have dropped into a reasonable growth curve based on past decades performance. although the Fed has deferred on forcing 4% interest rates, the bets are still on that they are going to drop below 4.5% on 30-year fixed mortgages. And inventory–the number of houses on the market–has never been better, what with bank-owned properties, inherited properties, foreclosures and low-price standard-offering homes.
More Programs Next time…
For our next blog, we’ll review down payment assistance programs and other ways to lower your cost of entry when buying a new home. Here’s a hint: come to us without an existing realtor relationship, and we’ll sell you a new home fast. We have inventory coming on the market each day, and we can and help you buy the new home you deserve. Fast.
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