The New Stimulus Bill that President Obma just signed into law gives First Time Home Buyers a TAX CREDIT of 10% of the purchase price for a home purchased between January 1, 2009 and December 1, 2009. This means if you buy a home that costs $80,000 or more, you will receive an $8000 tax credit. The maximum you can receive is $8000, but even if you pay a lot more than 80K for a house, that $8,000 is still a nice little sum.
This 3 Bedroom, 2.5 Bath home for sale in Hoover Alabama is priced at $153,900. If you purchased this home, you could get an $8000 tax credit next winter!
If you were waiting for something great to happen THIS IS IT. There was a tax credit in the housing bill that former President Bush signed, however, that one had to be paid back over time. This Tax Credit for 1st Time Home Buyers is bigger AND doesn't have to be paid back.
Interest rates are still low and now you get a credit - Not a deduction, so you will pay up to $8000 in less tax.
If you haven't already done so, now is the time to contact a lender and get pre-approved for a loan. There is nothing you have to apply for to get the credit, just request the credit when you file your 2009 tax return next winter.
You can shop for houses on line at my website www.ToniBird.com, When you are ready, contact me and I'll help you find the home of your dreams.