Well, tax day 2008 is behind us now, but it's never too late to start looking toward 2009. And, if you're a first-time Home Buyer, the new Economic Stimulus Package is tailor made for you! There are a few conditions to being able to receive the tax credit and you should always consult with your Tax Professional; however, if you are a couple filing jointly and earn less than $150,000 in adjusted gross income for 2009, you may be eligible. You must find, purchase and close on the home by November 30, 2009. THE TAX CREDIT GOES AWAY ON DECEMBER 1, 2009. So get started today.
And, what a great market to find a home! Prices are low, low, low. Interest rates are at an all time low. Inventory is big, big, big and Builders are out there offering all sorts of incentives to purchase their product. You can add upgrades at little or no additional cost and some builders are even offering to match the stimulus with an $8,000 credit toward your closing costs.
However, there are drawbacks. Mortgage Companies are being a little fussier about lending money and you no longer have to just pass the mirror breath test to get qualified. Also, you will need to have some money for down payment and you need a decent credit rating. But money is out there at unbelievable rates and worth at least trying to get pre-qualified. Call us if you need referral to a good lender and take advantage of this once-in-a-lifetime opportunity.
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