Revised Tax Credit for First Time Buyers

The new revised tax credit for first time buyers is a welcome change and has been much anticipated by first time buyer candidates and Realtors® alike!  If you're a first time buyer the time has never been better to invest in your very own home! With interest rates at all time lows, deflated prices and the $8,000 tax credit being offered by the government, it is creating  a
"perfect storm" for first time buyers! In addition to the revised tax credit for first time buyers, there is also a very attractive $6500 tax credit for current home owners that have owned and lived in their current residence for at least five consecutive years of the previous eight years. Click here for more detailed information on both plans. There is also a quick chart for both plans and some FAQs.

  

There is a lot to learn and consider when buying a home, especially your first one. Consult a good Realtor® for help and proper representation in your home search and through closing and even beyond. They are also a good source for information on the revised tax credit for first time buyers. Make sure you get a home inspection. Also get a radon and wood destroying insect (WDI) inspection done if they are typical issues in your region. The home inspection experience is very educational and it gives you a chance to look at the home (under a microscope). It's not intended as a laundry list of repairs, use common sense and ask for substantial repairs if any are needed, but be careful not to nitpick too much as you may end up losing the house!

 

A good lender is important to have as well! Most good Realtors® will know a good reputable lender that can get the mortgage process started quickly and running smoothly. They are also an excellent source for information on the revised tax credit for first time buyers. The whole process typically takes about six weeks plus or minus and can be done comfortably in thirty days if everyone is on their game and working toward the final goal of settlement! Good luck in your home search!