There are so many great reasons to buy a house today. Interest rates are low, inventory is plentiful and prices are at early 2000 prices. There are some great deals available today.
The American Recovery and Reinvestment Act offers an $8000 tax credit for first time homebuyers that purchase between January 1, 2009 and December 1, 2009. There are some stipulations on how the credit would apply to each homebuyer.
Buyers can claim the credit on their federal income taxes.
Individuals are eligible for the credit with an adjusted gross income of up to $75,000. It increases to $150,000 if filing jointly.
If the buyer(s) stays in the house for longer than 3 years they don't have to repay the money.
I am attaching a link provided by the Florida Association that outlines the benefits and more details of the tax credit.
I am also attaching a link that outlines how the tax credit can be used towards the purchase of your home, using an FHA loan. It cannot be used for your 3.5% down payment, however it may allow a buyer to put down a larger down payment.
With incentives such as the First Time Homebuyer Tax Credit, there's no reason to wait to buy a home.
This article is authored by
Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate
Brevard County Real Estate & Investing
I also buy, sell, rent, own and manage Investment Property.
that for you
What a great time to buy or "Steal" a home. There are some great deals out there right now-Dinah Lee
Hi Dinah Lee, I agree, there are so many great opportunities to pick up a "steal of a deal" - you said it perfectly!
Hi Sandy
Tax credits, great prices, inventory THIS IS THE TIME TO BUY.
Good luck and success.
Lou Ludwig
Hi Lou, Oh I wish I were a first time homebuyer in today's market. I would buy in a heartbeat!
Good deals are plentiful. My three wishes - I was a first time home buyer, I had a 10% down payment in cash, I was a first time home buyer! I know I said 1st time buyer twice...!
Hi Gary, I'm with you! Being a first time homebuyer in today's market would be great. I would have already purchased my property, without question. What an absolutely great program for them!
Hi SS,
thanks for posting about this hot topic! You explained it plainly so all can understand.
Sandy, I was captivated by your picture--it is just beautiful. The tax credit seems to be ending way too fast, I hope they find someway to extend it.
You are right Sandy now is the time to buy! Check out this cute first time home buyers video you can send to your clients http://www.youtube.com/watch?v=C-zjEmPLwcY
Good reminder that now is the time to buy. One thing that seems to get passed by is the fact that to qualify as a first time home buyer, you haven't had a primary residence home mortgage in the past three years. Many people that have been home owners at one time or another may qualify. I am working with a client that will meet that requirement in October.
HI TO, This is indeed a hot topic. Great news for first time homebuyers.
Carole, Thanks, I am so glad that you enjoyed the picture. I took it at Sebastian Inlet State Park. I also hope that the tax credit will be extended. We may see it change from an $8000 first time homebuyer credit to a $15000 all buyers credit. We will have to wait and see.
Kelly, It is a great time to buy. Thanks for the video.
Darrell, Great reminder that the tax credit is of buyers that haven't owned a home in 3 years.
Sandy,
I love the photo!!
Ann
Sandy - Wonderful advice accompanied by an even more wonderful picture. Look at that pefect sunset.
Sandy - I heard there are proposals floating around to extend the credit, increase the credit, increase the income limits and/or open it up to investors. Wouldn't that be great?