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Tax Credit for First Time Home Buyers-$8,000 GIFT from OBAMA and his Mama

By Fernando Herboso - Associate Broker MD, & VA

Managing Real Estate Broker with Maxus Realty Group of Samson Properties Broker - Realtor - CEO

February 20, 2009 11:32 PM

A Tax Credit for first time home buyers. . $8,000!!
it's like using a coupon in a Restaurant
"Here's my portion, the rest will be covered by this coupon. .thank you!"
You can do that . .next time you pay your income taxes!

!

Fernando, I need more information about this tax credit. . please explain. .

Ok, for starters. .let's look at the bill the congress passed. .

¶ 1403. Enhanced first-time home buyer credit in the
American Recovery and Reinvestment Act of 2009

"Congress has beefed up the credit in renewed optimism of enticing more first-time
home buyers to take the plunge. The new legislation scuttles the repayment requirement
for homes purchased on or after January 1, 2009. The new law also extends the credit
through the end of November 2009, and bumps up the maximum credit amount from
$7,500 to $8,000. However, the new law retains the recapture provisions if the house is
sold within three years of purchase"

What does it mean for the first time home buyer?

You can ask your employer to STOP holding your taxes for the rest of 2009 . .purchase your first home and receive an extra (up to) $8,000 every paycheck to help you pay your mortgage.

Do you have to pay it back?
Yes, if you sell your home before 3 years.
No, if you sell your home after 3 years and one day.

Ok, what can you do with this Government Coupon to buy a home these days. . .

OMG . . You are sooooo lucky!!
Real estate at the moment sucks. .(sorry for being blunt)
For example: I have this condo listing for just $85,000
it's a penthouse condo I may add. .
In Gaithersburg, MD
Less than 5 minutes to the metro and I-270 nearby (exit #8)
Just $85,000 !!!
Your potential payments for this condo because if just happens that we have very LOWWWWW interest rates for loans. . they will be around $600 per month. .
Ok,what's the catch?
The condo fees . . they range around $400 per month!
WHAT!!!???
Four hundred dollars!!??
Yes, it pays for everything except your telephone bill. .'It pays for your electricity, your gas, your water .. plus you get a pool nearby that will be your hanging area for the summer. .you get to enjoy all of this for just $400 per month.

Ok, since your mortgage payment is around $600 and this condo fee is around $400 . .
Let me pull my calculator here. .
$1000 !!
One thousand dollars per month!
How much are you paying rent for a two bedroom right now?
Call me. .I will take you there. .get you qualified and
Make it happen for you!
240-426-5754

This is how I work with buyers. . .

Fernando Herboso
Herboso & Associates

Realtor/Consultants

CHOICE REAL ESTATE

"Working with us it's not an OBLIGATION. .it's a choice"
Phone: (301) 881-8900
Cell: (240)426-5754
www.ReallyNiceHomes.com