OK, there is now a new homebuyer tax credit just passed by Congress and signed into law by the President on Monday. It is $8,000 now and goes from January 1, 2009-December 31st, 2009. It is for first-time homebuyers (someone who hasn't owned a home for at least 3-years) and there are still income limits such as $75,000 for singles and $150,000 for couples. It is a true tax credit meaning you don't have to pay it back, unless you sell your home within 3-years and then you have to pay a portion of it back.
This is yet another reason to buy now, especially if you are a first-time homebuyer. Interest rates are still around 5% for a 30-year fixed conventional mortgage with a credit score of 740+. Sellers are giving great deals and there is plenty of inventory. If you are at all interested in looking into whether your situation is right or not, or if you can qualify for these incentives, please give me a call or e-mail. I'd love to help.
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