Safiur Rahman asked:
Has it been three years since you last purchased a home as your primary residence? Are you now thinking about buying a new home but are worried about the perilous state of the housing market and the financial burdens of making a down payment and making your monthly mortgage payments? If so, there is great news for you. The federal government will help you pay a portion of your down payment so you don’t have to come up with the full 10 percent on your own. To further sweeten the deal, interest rates have been slashed by a couple of percentage points. And to top it all off, you can get a tax credit of ten percent of the purchase price of your home – that’s up to $8,000 in your pocket!
If you’ve been keeping up with the latest developments, the news just keeps getting better. The deadline for entering into a contract for buying a home was extended until April 30th of next year. (You actually have until June 30th of next year to close). If you are a member of the armed services, Foreign Service, or Intelligence community serving overseas you get an extra year. This means you have until April 30th, 2011 to enter into an agreement and until June 30th, 2011 to close. The income limits for qualifying for the tax credit have also been increased for purchases made after November 6th, 2009. This means more people will now qualify. Are you picturing your dream home yet?
President Obama and the federal government want the housing market to get back on its feet so if you are seriously thinking about buying a new home, now could very well be the best time. The incentives will not last forever so make sure plan accordingly, do all your research, and take action. There are some caveats and restrictions that could impact your eligibility for the tax credit so make sure you familiarize yourself with those provisions. If you are confident in your financial future, however, you really have nothing to lose and everything to gain by taking advantage of the first time home buyer stimulus package.
Harvey
Has it been three years since you last purchased a home as your primary residence? Are you now thinking about buying a new home but are worried about the perilous state of the housing market and the financial burdens of making a down payment and making your monthly mortgage payments? If so, there is great news for you. The federal government will help you pay a portion of your down payment so you don’t have to come up with the full 10 percent on your own. To further sweeten the deal, interest rates have been slashed by a couple of percentage points. And to top it all off, you can get a tax credit of ten percent of the purchase price of your home – that’s up to $8,000 in your pocket!
If you’ve been keeping up with the latest developments, the news just keeps getting better. The deadline for entering into a contract for buying a home was extended until April 30th of next year. (You actually have until June 30th of next year to close). If you are a member of the armed services, Foreign Service, or Intelligence community serving overseas you get an extra year. This means you have until April 30th, 2011 to enter into an agreement and until June 30th, 2011 to close. The income limits for qualifying for the tax credit have also been increased for purchases made after November 6th, 2009. This means more people will now qualify. Are you picturing your dream home yet?
President Obama and the federal government want the housing market to get back on its feet so if you are seriously thinking about buying a new home, now could very well be the best time. The incentives will not last forever so make sure plan accordingly, do all your research, and take action. There are some caveats and restrictions that could impact your eligibility for the tax credit so make sure you familiarize yourself with those provisions. If you are confident in your financial future, however, you really have nothing to lose and everything to gain by taking advantage of the first time home buyer stimulus package.
Harvey
