How would you like to own a new home for free?
Let's say you are a renter paying $950 a month to rent a small home. I can sell you a $110,000 home with payments $125 below what you are paying for rent, give you a tax deduction on the interest and taxes you are paying and reimburse you your initial down payment and closing costs.
How is this possible?
The federal government is giving 1st time buyers or folks who have not claimed a MTG interest deduction for the last three years up to $8.000 off of the taxes they owe or will give them a refund for the difference if they owe less than Tax credit. 1st time buyers can deduct 10% of the purchase price of a new home up to $8,000 from their tax obligation.
Let's say you bought a $110,000 home. Total down payment and closing costs on a FHA fixed rate loan would be around $7,000. The Tax credit to you would be $8,000 or $1,000 more than it cost you to buy the home. Payments would be at least $125 less than renting the same home plus you get additional tax deductions for the taxes and interest paid. Over $3,000 back the 1st year over costs paid.
Don't want to wait till next year for the tax credit? Have your employer increase the amount of deductions you claim and get the money back each month for the 1st year.
Additional questions: Call me at 316-554-2925 or visit my web site at www.kansaspropertygroup.com
The Coffee is always on,
Kirk D. Short - Broker/Co-Owner
RE/MAX Realty Professionals
10100 W. Maple
Wichita, KS 67209