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The First Time Buyer….

• They have an opportunity to buy homes today that don’t have inflated values…
• They don’t have to wait for their home to sell…
• They have sellers willing to pay their closing costs and buy-down already low interest rates….
• They are in the first “Buyers” Market in nearly 8 years….
• They have the largest selection of homes in 15 years…..
• The current down turn in pricing will allow them to buy homes in neighborhoods that were out of their reach 2 years ago…
• They can get that extra bedroom or bath or garage…
• They can still buy a home with 3% down, a job, and reasonable (not perfect) credit through FHA..
• If rates go dramatically lower …FHA has a streamlined refinance program that doesn’t require re-qualification of the buyer…..
• If they buy before July 9, 2009 they are eligible for a $7500 tax credit
• If they buy before Dec 31 2008 they will get that back with their 2008 return

This is a life changing opportunity……

The Housing and Economic Recovery Act of 2008, includes many positives for homebuyer’s.  None greater than the $7500 in Tax Credits for First Time Buyer’s.

Here’s the Lowdown.

• Any property, including condo’s and co-op’s, that will be used as a principal residence are eligible.
• Tax liability for the year of purchase is reduced by 10% of the cost of the purchase.  Not to exceed $7500.
• Full amount of credit is available to individuals with AGI of no more than $75,000 ($150,000 for joint returns.)  Credit phases out above the caps.
• Must be a FIRST TIME HOMEBUYER.  Meaning, you can not have owned a principle residence in the 3 previous years.
• Tax will be recaptured, at 6.67% per year, for 15 years.  If sold before 15 years,the remainder of credit will be recaptured on sale.  This basically means you need to pay back the credit over 15 years.
• The credit applies to any qualified purchase between April 9, 2008 until July 1, 2009.

There you have it.  A quick breakdown.  Please contact us for more information!