This seems to be a Hot Topic among First Time Homebuyers and their agents. Should I buy now or wait until later? Here is some good news that may help you in making that decision. The Housing and Economic Recovery Act of 2008, signed into law on July 30,2008, offers a $7500 First Time Home Buyer Credit to those who qualify. The law provides a tax credit equal to ten percent of the qualified home purchase price. This credit is essentially an interest- free loan that is required to be repayed over time (without interest) over a 15 year period. What a great incentive to purchase that First Home!
For more information on this program please call me for details, or you can check out the website maintained by the National Association of Homebuilders at http://www.federalhousingtaxcredit.com/
If you have closed on a recently purchased home, after April 9th, 2008, you can also qualify for this program.
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