Three Reasons to buy your first home and Take advantage of the Tax Credit

Mayra is a license real estate agent, Foreclosure and Short Sale Specialist in San Mateo, San Francisco Bay Area, Santa Clara and Alameda County. If you would like information on current homes available for sale in San Francisco Bay Area or San Mateo, call Mayra at 650-996-8961 or email Mayra.espinosa@prurealty.com or you can visit her website. For all your real estate needs she can help you get started today.

• To get FREE money: The $8,000.00 Tax credit available for first time homebuyers. That is a tax credit (FREE money) from the government, which you do not have to pay back, as long as you stay in your new home for at least 3 years. Remember the $8,000 tax credit expired April 30. Must be in contract by April 30 and close escrow on or before June 30, 2010. The Tax Credit is not only for the first time homebuyers, homeowners who are move up are also getting 10% of purchase price or $6.500 maximum. Purchase price have to be less than $800,000. There are some income limits.

• Starting May 1, 2010, The State Government is also offering another $10,000 credit or 5% of the purchase price or whatever is less (purchase primary residence); money that you don't have to pay back and there is no income limit. The new $10,000 the money will be credit to you when you file your income tax. You will receive 3 credits (three equal amounts) for the next three years.

• Tax deductions: The IRS Let you deduct the interest you pay on your home mortgage, property taxes and in most cases closing cost when you buy a home.

• Affordability: home affordability is at its highest. Current interest rates are at historically lowest point; home prices are the lowest since 2003. These combinations are making home purchase very attractive.

• Building wealth: owning a home even now is the best long-term investment you can make. Home prices have fallen in this difficult economic times but appreciation in future years should be expected.

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If you would like information on homes available for sale or sold home in San Francisco Bay Area, San Mateo Santa Clara and Alameda County, call Mayra at 650-996-8961 or email Mayra.espinosa@prurealty.com or you can visit her website