First Time Homebuyer Tax Credit

Until July 2009, first time buyers (or buyer's who have not owned a home in the past three years) are eligible for up to $7500.00 rebate from the Federal Government. This rebate is actually a no interest loan to be repaid in the next 15 years. Combine that with interest rates we are seeing and good inventory and buyers should find this is a wonderful opportunity to buy a home today.

Clients will want to check with their tax advisor to assess the true benefits to your individual situations, but this could be another reason to get serious about buying your first home. There are still many programs available to you as a first time home buyer. Veteran's still have 100% financing available, buyers purchasing in outlying areas have the 100% USDA loan available and FHA is still going strong. FHA requires a 3% down payment until January when it increases to 3.5% but that down payment can be a gift from a relative too.

Buying a home is still the best way to build wealth. Today's buyers have an advantage over buyers just a few years ago. There is more inventory to choose from and and you have the luxury of time. A couple of years ago, buyers had to make buying decisions in less than 24 hours or risk losing the property to another buyer.

These are just a few of the reasons that buying a house now is a good move!