First-time Homebuyer? Buy Now. Buy Now. Buy Now.

Opportunity of a lifetime for first-time homebuyers?
YES!

NOW is a Great time to buy a home for anyone... and, now especially so for first-time homebuyers.

Reasons to BUY your home: Build equity (increase net worth)... deduct mortgage interest and property taxes on federal and state tax returns... lots of home inventory... LOW interest rates... prices in general have slowed or remain steady.

The biggest reason... Congress has enacted a NEW law to encourage home ownership for first-time home buyers with $8000 on the table.

Quick Facts About NEW Law Provisions for First-time Homebuyers:

• The tax credit is available for first-time home buyers only. The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
• The maximum credit amount is $8,000.
• The credit DOES NOT have to be repaid! This is a FREE $8000 gift from the American taxpayers for buying a home under the provisions of the law.
• Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible..
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
• Home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.
• The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

More information:

First-Time Homebuyer Tax Credit - National Association of Home Builders

First-Time Homebuyer Tax Credit Summary - National Association of Realtors

In Columbia (SC), contact Mel Coker to get started with buying your first home!

I have created a special website: First-time Homebuyers Guide

This covers home-buying benefits and 9 steps to buying your first home. I have also created a RENT vs. BUY comparison that shows the huge savings when you BUY a home. CLICK HERE for the rent vs. buy comparison

Home Buying = Wealth Building!

Ready to BUY a home in Columbia, South Carolina? Contact Mel Coker.

Columbia, South Carolina Real Estate

Call (803) 749-5800

NOW is the Time for First-Time Homebuyers!

Opportunity of a lifetime for first-time homebuyers? Maybe so!

NOW is a Great time to buy a home for anyone... and, now especially so for first-time homebuyers.

Reasons to BUY NOW: Build equity (increase net worth)... deduct mortgage interest and property taxes on federal and state tax returns... lots of home inventory... LOW interest rates... prices in general have slowed or remain steady and now Congress has enacted a law to encourage home ownership for first-time homebuyers (The Housing and Economic Recovery Act of 2008).

Quick Facts About NEW Law Provisions for First-time Homebuyers:

• The tax credit is available for first-time home buyers only. (anyone who has not bought a home for the last three years is eligible)
• The maximum credit amount is $7,500.
• The credit is available for homes purchased on or after April 9, 2008 and before July 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.
• The tax credit works like an interest-free loan and must be repaid over a 15-year period (it's an interest-free loan!).
• The home owner does not have to begin making repayments on the credit until two years after the credit is claimed.
• If or when the home is sold, the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven. (THIS provision is BIG... it's almost a guarantee or protection that the home value will increase during the period of the tax credit payback)

More information:

First-Time Homebuyer Tax Credit - National Association of Home Builders

First-Time Homebuyer Tax Credit Summary - National Association of Realtors

First-Time Homebuyer Tax Credit FAQ - National Association of Realtors

First-Time Homebuyer Tax Credit - About.com

I have created a special website: First-time Homebuyers Guide

This covers home-buying benefits and 9 steps to buying your first home. I have also created a RENT vs. BUY comparison that shows the huge savings when you BUY a home. CLICK HERE for the rent vs. buy comparison

Home Buying = Wealth Building!

Ready to BUY a home in Columbia, South Carolina? Contact Mel Coker.

Columbia, South Carolina Real Estate

Call (803) 749-5800