Our government wants to give the first time buyer up to $7500 cash for purchasing a home for the first time or if you haven't owned in the past three years. What does this mean? When it comes time to file your taxes you will have up to $7500 given to you. If you have $2000 owed to the IRS then it will mean you won't owe but will receive a check up to$5500 back.
Now don't think this is a total give away! There is no interest to be paid, but, in two years up to $500 will be deducted from your tax return for up to fifteen years. If you sell the home within that time frame then the remainder owed will be taken.
Just think. You can put the $7500 towards principle payments to your mortgage and get the 30 year mortgage cut back with significant savings to you in interest payments. What this does is build your equity quicker.
This is a great way to get into a home and be paid to do it. Why not look into this offer and take it. It is only available till July 2009. This means you have to close on a house before the offer is not available.
For sellers this is a great time to sell that home to the first time buyer and know you are helping someone meet their dream.
Like cutting out c oupons for shopping at the store, this is helping those be able to afford to buy. This money could be offered as a " gift" to help with closing costs. Then when you receive your rebate check, just pay that person for having helped you find that home.
For more information please contact me and we can talk. I am in the Sebago Lake Region in Maine but can help you find an agent to work with you from anywhere in the country. Let's talk.
Susan Paige
associate broker
ERA Today Realty
Naples, Me
207-693-6500 ext. 222
207-749-5459
susan.paige@era.com
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