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:
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.
Call (803) 749-5800
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