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First Time Buyers Home > First Time Buyers
Buy a home and get $8,000 from Uncle Sam.
New federal legislation is now providing first time buyers with the opportunity for an $8,000 credit that requires no repayment! That's right, our government is allowing first time buyers the ability to get what amounts to an $8,000 gift with no repayment required. And all they have to do is buy their first home...
Think Twice! You May Be a First-Time Home Buyer and Not Even Know It! for the purpose of this credit, a first-time home buyer is defined as someone who has not owned their primary residence in the past three years!
Start the process right: Get Pre-Approved and build your negotiating power. It takes time to buy a home. Sifting through the available listings, preparing an offer, negotiating with the seller and finally the underwriting of your loan. Do yourself a favor and get the underwriting out of the way so that with deadlines looming you won't feel pressured into making decisions.
Are You Eligible? Besides not having owned a primary residence home for the last three years there are income limitations. Even if you are above the qualifying income limits ($75,000 for single filers and $150,000 for married or dual income borrowers) you may be eligible for a reduced credit.
Get the Cash Now! Who needs money more than someone who just purchased a home? First time buyers who purchase their new home after January 1, 2009, can cash in on the tax credit with their 2008 tax return. You don't have to wait until next year. Anyone can file an amended retur and get the cash in as little as 2 weeks. Check with your tax advisor about how to file an amended return, or check out the IRS’s site for more information!
You can Help the Economy! Buying your first home now will not only benefit your personal finances, but you can also have the satisfaction of knowing you’re helping the economy! Everyone wins, and you can sleep soundly at night in your new home!
Yes, the cliche is true: Buying a home is one of the smartest financial decisions most people will ever make. And as a First Time Buyer your timing couldn't be better. It is a buyer's market!
There are first time buyer programs and first time buyer grants. There is down payment help for first time home buyers. And now there is a new tax credit for first time home buyers and there's always been tax benefits.
 Don't take our word for it. The Federal Reserve's Survey of Consumer Finances has consistently found a huge gap between the wealth piled up by homeowners and that accumulated by renters.
Home ownership builds wealth in two distinct ways: through the forced savings of paying down a mortgage or amortization, and through appreciation -- the rise in your home's value over time.
Still, buying a home isn't always the best choice. Sometimes there are circumstances where you're smarter to hold off and rent, postponing the day when you graduate to the ranks of homeowner.
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Disadvantages of Buying over Renting |
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Advantages of Buying over Renting |
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Tax Benefits. Interest on your mortgage and real estate taxes are deductible. |
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Lower Monthly Payments. It is possible that buying your own home can actually cost you less each month than renting. |
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Control. Home ownership gives you freedom to make decisions about your own home. |
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No Payment Increases. Fixed rate loans enable you to lock your monthly loan payment so it never increases like rent can. |
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Wise. Owning your own home allows you to build equity that can be used for retirement, college, or other needs. |
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Investment. Home ownership is a good investment. Chances are your home will appreciate in value and be worth more next year than it is today. |
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Feels GREAT! Owning your own home is a great feeling! | |
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