first time buyer

First-Time Buyer Tax Credit Ends December 1st!

Despite the doors it can open for first-time buyers, many consumers still don’t know about the $8,000 tax credit. The first-time home buyer tax credit, which Congress in February increased to $8,000 from $7,500 and eliminated the repayment requirement, is an incentive you’d expect consumers to be clamoring about. But many buyers who are prime candidates for the credit aren’t even aware of it! A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Frequently Asked Questions About the Home Buyer Tax Credit are at the following link; http://www.federalhousingtaxcredit.com/2009/faq.php

$8,000 Home Buyer Tax Credit at a Glance
American Recovery and Reinvestment Act of 2009.
The tax credit is for first-time home buyers only.
For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a
maximum of $8,000.
The credit is available for homes purchased on or
after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and
married couples with incomes up to $150,000 qualify for the full tax credit.
More Information:
First-Time Homebuyer Credit
Expanded Tax Break Available for 2009 First-Time Homebuyers

Prices are probably as LOW as they are going to go

Daily Real Estate News September 9, 2008

Why This Autumn is a Great Time to Buy

This fall could be a particularly great time for first-time or buyers
long out of the market to jump in, say a variety of real estate professionals.

Here are the reasons why:

Prices are probably as low as they are going to go as the market stabilizes,
thanks to the government takeover of Freddie Mac and Fannie Mae.
Interest rates are likely to decline as Freddie and Fannie get government help.
The Federal Housing Administration recently boosted its loan
limits to $729,750 in expensive areas. It’s going to take some of that back
come Jan. 1, when the loan limit will shrink to $625,500.
The FHA allows down payments of as little as 3 percent, but that
will rise to 3.5 percent as of Oct. 1.
People scraping dollars together for a down payment should try to
set their closing for the end of this month.
The tax credit will shave $7,500 off a first-time buyer’s federal tax
bill due April 15. Buyers who don’t owe tax, will get the money
as a refund.The government’s definition of a first-time buyer
is anyone who hasn’t owned a home in the last three years.

Source: The Washington Post, Elizabeth Razzi (09/07/08)