First Time Home Buyer Loans

First Time Home Buyer Loans

** Home Buyer Tax Credit has been extended to April 30, 2010 **

Special Notice: Stimulus Package Contains Substantial Home Buyer Tax Credit

On Feb 17, 2009 President Obama signed the much anticipated Economic Stimulus Package dubbed the American Recovery and Reinvestment Act into law. This Stimulus Package has a very substantial tax credit available for first time home buyers. Here the details on the credit:

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000
Available to First Time Home Buyers. A First Time Buyer is defined as someone who has not owned a principal residence in the previous three years.
Any type of home that is a principal residence qualifies. This includes single-family detached homes, attached homes like townhouses and condominiums, and mobile homes.
Applies to binding purchase contracts made between January 1, 2009 and April 30, 2010. Buyers have until June 30, 2010 to settle the purchase provided the binding contract was signed prior to April 30th.
The full tax credit is available for Single taxpayers with a modified adjustable gross income up to $75,000 and $150,000 for married taxpayers that file joint returns. A partial tax credit is available for taxpayers with greater earnings.

Now is a very advantageous time to buy a home. Home prices have steadily declined in value in most areas of the country since autumn of 2007. This has resulted in a slew of affordably priced homes available for sale. The $8000 tax credit included in the Economic Stimulus Package gives people another great reason to buy a home this year.

Congratulations on your decision to buy your first home. Owning a home is a wise investment. Building equity in your home provides financial stability that you cannot aquire by renting. The process of buying your first home can be daunting. You probably have many questions. We can help you sort out all of your financing questions. Getting pre-approved is the first step in the buying process. Contact us to speak with a loan officer to get you started.