FIRST TIMERS --$7500 Incentive to Buy Before July 1, 2009

First Time Homebuyers Take HEART and Reap $7500!

If you have not owned a primary residence in the last 3 years (including both borrowers)....read on! Check the FAQ online: http://www.federalhousingtaxcredit.com

Tax Incentive to Buy before July 1: The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. Something that many folks are not aware of is that they can use this credit on their 2008 taxes for a purchase that is made in 2009 prior to July 1, 2009.

Search the HUD site for details at www.hud.gov/offices/adm/hudclips or consult your tax accountant!

The advantage of using the credit for a 2009 sale in 2008 is that the borrower would know the 2008 income and tax liability and would be able to calculate the exact impact of using this credit on 2008 taxes versus waiting to file the 2009 tax return. (Transactions occurring after tax filing date of April 15, 2009 would require extensions or revisions of tax return to take advantage of this flexibility.) Speak with your CPA about this...it might be worth delaying your tax returns!

In Bellingham we have many entry level homes on the market. With a little help from an FHA Renovation loan you might get a rough diamond and still come out ahead. If you live outside the city limits of Bellingham (Ferndale, Blaine, Everson, Lynden, etc are considered rural by zip codes) we have 102% financing available through the USRDA targeting modest income buyers. Working with your broker to structure a loan with FHA or USRDA means helping folks achieve home ownership. Qualified Veterans can get 100% on purchases. (FHA requires 3.5% down payment from your own sources). With prices at such levels and rates so low it's important to act now before the summer thongs arrive and compete for your home!

Practice credit wellness: www.netcredit.blogspot.com susan templeton www.loannetter.com

washington loan officer license 510-LO-31434 branch license: 510-MB-24707-50145