There is no better time to buy your home in Alabama. With low interest rates and cheap home prices, now is the time to buy. Here is some great information on the Government tax credit home mortgage program
There has never been a better time to purchase a home than right now. There is an abundance of homes for sale and foreclosures are at a record high, it truly is a buyer’s market. People can hear hundreds of messages about this so-called “buyers market”, but if they’re not told about the $8,000 tax credit that is available to them, they may turn the other cheek to all of this market insight.
The media and banks talk about this tax credit but rarely go in to any major detail. It’s time to offer some insider secrets regarding the first time home buyer tax credit and just why this government program is so beneficial. So here it is.
$8,000 tax credit – FAQs
-Who is eligible to claim the credit?
Anyone who is a first time home buyer will qualify. The buyer cannot have previously owned a home in the past three years prior to purchasing their home. The buyer can purchase any kind of home whether it is new home or a resale, but the purchase must be their primary residence and must be purchased by December 1, 2009 (only 6 months away)!!!
-When is the deadline for the $8000 credit?
The absolute last day to apply for the home buyer tax credit is December 1, 2009. It is approaching quickly and now it the time to begin looking for that beautiful first home to make yours. This popular tax incentive will not be around forever.
-What types of homes will qualify for the $8,000 credit?
Single-family units, town homes or condos, mobile homes and even houseboats can qualify for the credit as long as they are purchased by December 1, 2009. Before the tax credit can be claimed, a home must be purchased. It is best to talk with a mortgage expert to determine specific pre-qualifications and credit allowances. Once the buyer learns what loan amount they qualify for, it’s happy shopping.
-What are other major benefits of purchasing a home right now, aside from the $8,000 credit?
Well, it’s simple. Interest rates are extremely low and who knows if and when they will rise again. Also, property values are historically low, making it a great time to find an awesome deal on a first home purchase. All one has to do is search and they will find how affordable properties are. Home prices and interest rates are two elements working together to make this a great time to buy.
The tax credit has some limitations, including just 10% of the purchase price of the home up to the limit of $8000. One of the major benefits of this tax credit it that it does not have to be paid back. In the past, a similar credit was offered but it had to be paid back. That of course was then, and this is now.
It is no joke when you hear that this is historically the best time to buy. With the new benefit to first time home buyers, low interest rates and affordable properties it is definitely a luxury to buy it this economy. In years to come, the low property values will soar again making your home’s value increase indefinitely.
There is no better feeling than owning your own home and your own piece of land. There are so many great things that come along with owning your own home and the tax credit is an extra little incentive to motivate first timers to do something they will eventually do anyway. Why not do it now?
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