Don’t forget that the United States Government is offering a tax credit to first time home buyers and those folks who haven’t owned a home in the past 3 years!
One of the best parts?? Even if you buy a home this year and close before July 1st, 2009, you can claim the tax credit on this years tax return! (just like if you bought the house last year). Of course there are income restrictions: If you’re married and file jointly, you can’t make more than $150,000 a year. If you’re single, you can’t make more than $75,000.
In a nutshell, the program is designed to put money into the hands of those first time home buyers. Of course, it’s actually your money (sort of), which means that the tax credit is actually an interest free loan from the government. Yep, INTEREST FREE! The I.R.S. will increase your tax liablility every year by $500 for 15 years to repay the “tax credit”… I call it a loan.
Be aware though, this first time home buyer tax credit program is only around for a short time. Hey, I don’t know about you, but I’d rather have my money now than later… especially since there’s no interest fees or penalties.
Here’s a FAQ for you, just in case you’re interested in learning more:
First Time Home Buyer Tax Credit
If you’ve been thinking about buying a home, now is a great time. The interest rates are lower right now than they have been the past couple of years or so, some sellers are willing to deal a little more now than before, AND throw in the tax credit…
If you’d like a list homes that match your criteria, you can sign up on my home search page. This service will email you whenever a home that matches your search parameters is listed on the MLS. It’s a great way to keep up with the latest listings.
