Today is the best time ever for “first time” homebuyers. With the Stimulus package of $8,000 now available – there has never (at least in my 40 years in the business) been a better time for the first time home buyer to accomplish the American dream of home ownership and to own their little piece of America.
To qualify, the buyer(s) cannot have owned a home in the past three years, and income limits are $75,000 for a single individual and $150,000 for a couple. Buyers are telling us that with the low interest rates available right now, the affordability of homes, and now the bonus $8,000 tax credit – owning is less costly than renting. And that’s not even factoring in the other tax benefits of home ownership and the building of equity!
The $8,000 can be used to help with home improvements, furniture, landscaping or whatever. You can even file an extension on your 2008 tax return to get any refund this year. However, a big caution: the purchase must be made prior to November 30, 2009. So, act now to take advantage of this wonderful and unprecedented opportunity.
For more information on the first-time home buyer tax credit, visit www.WoodsBros.com.