February 20, 2009
Good News for First Time Home Buyers
The new stimulus package has certainly been the talk of the country for the past two weeks. It does have some good news for renters who want to become first time home buyers. We have a number of mortgage companies contacting us wanting our assistance to spread the news out to those who are renting and have not owned a home for the past three years that they have a great new opportunity to get into home faster than they may have thought.
The new program offers an $8,000 tax credit (or 10% of the value of the home, whichever is lower) to first time home buyers who purchase a home from the start of the year until the end of November 2009. Tax credits come directly off taxes owed so if your tax liability is over $8,000 this money comes directly to the buyers. A tax credit is very different than a tax deduction — a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for a couple with incomes over $150,000 and single tax filers with incomes over $75,000. Buyers will have to pay the credit if they sell their home within three years.
With interest rates low and inventory high, this may be a great time to get into your first home.
Our next First Time Buyer Webinar is scheduled for March 2, 2009 at 7:00 PM. Lenders, Title Companies, and Home Inspectors will be at the Webinar. To register for the Webinar please contact me directly at least 24 hours before the webinar date.
Posted By: 
Steve Randall
Tagged With:
buy now,
economic stimulus package
and first time home buyers
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