8,000 home buyer credit soon to expire
There's a Federal income-tax credit available to first-time home buyers for 10% of the property purchase price (up to a total of $8,000).

The credit's availability is, however, about to expire.

Unless the credit's legislatively extended (and I've heard nothing about its extension), no home purchase which closes after November 30 of this year will qualify.

Are you a first-time home buyer?

The fact you may own property which has never been your principal residence doesn't disqualify you for this tax credit.

if you pay combined Federal income taxes of more than $4,600 a year and you buy a house for $460,000 and close on it before November 30, then this tax credit is the same thing as the taxpayers of the U.S. giving you both a tax-free gift of $4,600--10% of your home's purchase price.

As it happens, the average price of a house in Montgomery County is presently $460,000.

That's 14% lower than the average price a year ago.

Having the taxpayers give you 10% of a home purchase price isn't to be sneezed at.

Currently renting w/a Landlord interested in selling?  You might want to consider this very real possibility in whatever price negotiations you undertake with him/her.

But, remember, you have to close on a home purchase before November 30 to qualify for this tax credit.

That means you'd almost have to have a purchase contract signed by about the end of September.

So, if you're still interested in buying a house you need to start doing some serious negotiating right away if you want this tax credit.

To learn more, contact a loan officer;
Virginia, homebuyer tax credit | Maryland, 8,000 tax credit | D.C., 8,000 credit | Delaware homebuyer 8000 | Montgomery County first time buyer credit | Fairfax VA home buyer 8k credit