With prices plummeting and foreclosures spiking, it's a buyers' market if you’re one of the lucky ones that can enter the market. And if you are a first-time home buyer (have not owned a home for 3 years) you still have time to take advantage of an $8,000 tax credit to buy your home. Though set to expire at the end of November, there are currently negotiations in place to extend the tax credit. The Obama administration is in favor of extending it for a “limited period,” according to the Treasury Secretary Tim Geithner & Housing Secretary Shaun Donovan.
Highlights of First Time Home Buyer Tax Credit:
* The tax credit doesn't have to be repaid
* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000
* The credit is available for homes purchased on or after January 1, 2009 and before December 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.
So if you are in the market to refinance or get a new home or equity loan, now may be the time since these record low rates won’t last forever. A low rate may save you thousands over the course of your loan. Act now call today to lock in your low rate (800)208-4753 or email me at refionce@gmail.com
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