Information for first-time home buyers
There's never been a better time to buy your first home.
Update November 6 2009: President Barack Obama signed a $24
billion economic stimulus bill into law Friday, giving tax incentives to
prospective homebuyers. See the details below.
It's a buyer's market, meaning that in the home real estate market of
supply and demand, the supply is high and demand is low. Home sellers are
hurting and eager to make a deal. Mortgage interest rates are at historic
lows. And finally, the government has created several programs designed to
stimulate the housing market by making it easier for first-time home buyers
to afford their first home.
The First-time Home Buyer Tax Credit
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- A tax credit of up to $8,000 has been extended to include
contracts signed by April 30, 2010, and closed by June 30, 2010.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price
up to a maximum of $8,000.
- Income limits for the tax credit program have been increased from
$75,000 Single / $150,000 Couple to $125,000 Single / $225,000 Couple,
dramatically increasing the number of purchasers who can qualify for
the full tax credit.
For more details,
click here... |
New!
Existing Home Owner
Tax Credit
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- Buyers who have owned a home for five consecutive years of the
past eight can now also qualify for a tax credit up to $6500.
- Same income limits as above apply here as well.
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Use the Tax Credit for your Down Payment
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- First-time home buyers who qualify for the $8,000 tax credit, but
don’t have the money for a down payment or closing fees, may now be
able to get a loan to help cover those upfront costs.
- The Federal Housing Administration (FHA) announced on May 29 that
it will allow state housing finance agencies to provide second
mortgages "monetizing" the tax credit so that borrowers can use the
funds toward their down payments and closing costs for the purchase of
homes with FHA-insured mortgage loans.
For more details,
click here... |
Low Interest Rates
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Mortgage interest rates are at historic
lows. Our team member, Joe Woods, has all the latest information:
click here... |
The Next Step
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To get the ball rolling, contact Jim right
away: Click here...
- Jim will answer all your questions about the process of buying
your home.
- He can explain in more detail your options and how you can take
advantage of these government programs.
- He will take your home requirements, wishes, and help you find
your dream home.
- He will help you get your necessary mortgage pre-approval.
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