A Nice Windfall for First Time Home Buyers

If you are having trouble navigating the various incentives offered for first time home buyers, you are not alone. But this program ought to get your attention. I though I would share with you the latest incentive. Here is a brief on how the program works:

• Available only to first-time home buyers
• The tax credit is not a loan and does not require repayment*
*If the home is sold within 3-years, the $8,000 tax credit must be re-paid
• The tax credit reduces the home buyer’s tax liability; if the buyer’s liability is less than $8,000, the remaining credit will be issued as a check
• Home purchase must be for a primary residence
• The credit is available on home purchases between January 1, 2009 and December 1, 2009
• If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit.

There are some terrific buys out there for homes under $250 (FHA Loan Limit is $263,150) with your closing costs that can be absorbed by the seller (or the bank) in real estate owned sales (Bank Owned). With the $8000 tax credit – low home prices, historically low interest rates, now is the time to buy your first home. Let our team at Farrell Fine Homes and Dean Wegner with American Financial Lending help you find your dream home!