Buying Your First Home in Three Years? Have the Federal Government Help Pay For it and Get a Tax Credit of up to $8,000!
There are many troubling aspects of buying a home in this economy. Firstly, you have to have saved enough to come up with the down payment. Then, there is the dreaded interest on your monthly payments. And on top of that, there is the risk of losing your job. The good news though is that the federal government’s $800-900 billion dollar stimulus package now offers you a suite of incentives that could very well make this the best time to buy. A key part of the stimulus program is the first time home buyer stimulus which is designed to kick start the housing market and encourage people to buy homes. An increased number of home purchases will also put more money into the economy and help stabilize it.
So what are the benefits to buying a home now? For starters, you do not have to come up with the full 10% percent down payment on your own. The federal government will help you pay for it. Next, to help ease your worries about paying interest on your monthly mortgage payments, rates have been slashed by a couple of percentage points. Best of all, if you enter into a binding agreement to buy a home by April 30th, 2010, you can get a tax credit of 10% of the purchase price of your home (up to $8,000) that you need not pay back unless you move out or sell your home within the first three years. The first time home buyer tax credit can only be claimed towards a home that is your primary residence. It need not even be your first home purchase – only your first home in three years. The provisions are fairly lenient but some restrictions and qualifying criteria do exist (such as to discourage “house flipping”). Claiming your tax credit is also straightforward. You essentially claim it when you file your tax return. You just need to fill out IRS Form 5405 to determine the amount of your credit, attach a copy of your HUD-1 settlement form, and enter your credit amount on line 67 of the 1040 income tax form for 2009 returns (or line 69 for 2008 returns).
If you have a stable job and are serious about buying a home, do not procrastinate. Make sure you jump on this boat while all these great incentives are still available.
To find out if you qualify for the home stimulus tax credit and stay on top of all the latest news, tips, and developments, visit our no nonsense Homebuyer’s Stimulus Guide. For tons of free and valuable information, go ahead and log on now: http://firsttimehomebuyerstimulus.net.
To Our Success,
Mark
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