| You might be taking a closer look at becoming a first | | | | only qualify for $6,500 credit. |
| time home buyer after Congress passed the housing | | | | It is also important to note that the tax credit is really |
| bill recently. The bill includes a few incentives that really | | | | more of an interest free loan that has to be paid back |
| make now the perfect time to jump into the market | | | | over a 15 year period. When you claim the tax credit |
| and become a first time homeowner. Of course, the | | | | you will receive the total amount on your taxes and will |
| depressed real estate market is enough incentive for | | | | then have to pay it back over the next 15 years with |
| quite a few people wanting to take advantage of the | | | | the total remaining balance due if you sell your home |
| lower prices of homes; however, the government is | | | | before the loan is paid off. Since there is no interest on |
| now offering a tax"> credit for first time home | | | | the credit it will cost you $502.50 a year if paying back |
| buyers that makes it hard to not jump in. The full tax | | | | the full $7,500 credit. |
| credit of $7,500 is exceptional as it is obtainable to | | | | There are other incentives available through state |
| couples who make no more than $150,000 in joint | | | | programs and private programs such as a lower |
| income, which makes a huge number of people able to | | | | interest rate for public servants such as teachers, |
| qualify. | | | | military, police and firefighters. These incentives are |
| Quite a few people are feeling that the time is right for | | | | available for all, not just first time homebuyers. |
| them to get active in the housing market, buy their first | | | | Down payment assistance is also available from many |
| home and utilize the incentives including the tax credit. | | | | lenders; however, the requirements and restrictions are |
| The people with the most to offer the market are the | | | | a bit stricter now than they have been in the past. The |
| first time homebuyer who does not bring additional | | | | credit score is very important when applying for a 0% |
| housing into the market; all they bring is their ability to | | | | down payment program. |
| buy. | | | | A realtor can and often will point you to more incentive |
| The tax credit is appealing to many because it is not | | | | programs than even the ones discussed above. The |
| something in which you have to apply; it is something | | | | housing market is defiantly a buyer’s market |
| you claim when you do your taxes. However, the tax | | | | and for anyone who is considering entering the market |
| credit does not come without certain requirements and | | | | now is the best time. To take advantage of the tax |
| regulations. | | | | credit you will want to close on your new home |
| The tax credit is based on 10 percent of the sale price | | | | before July 1, 2009 so you might want to start getting |
| of the house with a roof of $7,500. This means that a | | | | ready now before you lose out or the market |
| house that sells for $75,000 or more will qualify for the | | | | changes. |
| full $7,500 credit. A house that sells for $65,000 will | | | | |