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$8000 credit for First Time Buyers ( Economic Stimulus Bill of 2009, enacted February 17, 2009) There are opportunities abundant in all markets including the Government repo HUD, REO bank owned, and Foreclosure market. Because of efforts by the government to stimulate the housing industry, along with the current lowest interest rates in 30 years, low prices, and a large inventory of houses on the market, there is a great opportunity to own your own house or condo . If the thought has crossed your mind at all, this is probably one of the best times to act. This tax credit of up to $8000 or 10% of purchase price is for first time buyers (or those who have not owned a home in the past 3 years). Must be under contract by April 30, 2010 and closed by June 30, 2010. (some income restrictions apply) In many cases this credit would pay for an entire year's worth of mortgage payments. An example of this would be a homebuyer that has a $125,000 mortgage, with a 5% - 30 year mortgage. The principal and interest payment would amount to approximately $670/month, or $8040/year. That $8000 credit would pay for the entire year. The great thing is this does not even take into consideration the tax benefit you will derive from owning your own home. Does it really make any sense to continue to rent and not see anything for the money you work hard for? In order to take advantage of this opportunity you do need to have steady employment, and have a reasonably good credit history. It helps to have some cash for down payment and closing, but there are some programs available that would help with this. Alex Shefchek 303 570-8918 |
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