I’m working with a young couple who are first time homebuyers. They will be eligible to get the $8,000 tax credit after they close on their home. Since they’ve already filed their taxes for 2008 income, they’ll just file an amended return after they close on their purchase to get that process going. This is a pure tax credit, so that if you owed $2,000, the IRS will send you a check for the difference- $6,000. If you’ve already paid your taxes, they’ll send a check for the entire amount. See a lender for more details.
Sandra Block of USA Today has a good column today about how to go about getting the first time homebuyer tax credit from the Feds. See it HERE. You may also want to review the information provided by the National Association of Realtors HERE.
Fixed 30 year mortgages are being locked in at 5% and below for buyers who have good credit and a steady income (many people do!). This is honestly a remarkably great time to buy a home. Even if you don’t qualify for the first time buyer tax credit, with low prices and low interest rates, it’s still a great time to buy. Want to do this but still need to sell your house, do it! Price it right, get it sold, then buy another house where the sellers have reduced their price. This won’t last forever, you know;-)
