Part of the stimulus package that was just passed in Congress includes a one time tax break from the IRS. To qualify for up to $8,000 or 10% of the purchase price (whichever is less) free gift from the government you need to be a "first time homebuyer". To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.
Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.) See your tax professional for all of the details.
We are experiencing a small window of opportunity here in Las Vegas right now. With so many bank owned homes that are on the market at very low prices there is alot of competition and the banks are getting multiple offers on their homes. Also, interest rates today are averaging 5.03% for a 30 year fixed mortgage.
This time is what some of us are calling the Perfect Storm - prices are low, sellers are motivated, interest rates are low and the government is giving away tax credits. What are you waiting for? Call me and let me help you purchase a home today.
Good House Hunting!
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