I just added a page on my website for First Time Home Buyers and I list 5 reasons why the time is right for the First Time Homebuyer to buy now.
As everyone knows, these are truly challenging times in the real estate industry and the fact that we are not alone doesn't make me feel any better. But it is awesome that, in spite of the state of the economy, First Time Home Buyers are offered an outstanding opportunity to pursue their goal of home ownership with the possibility of receiving $8000 as a "rebate" in the form of a tax credit. I find this amazing and shame on those folks who qualify but do not take advantage of if before it expires at the end of the year.
What is the definition of a First Time Home Buyer? A First Time Home Buyer is a buyer who has not owned a principal residence during the three-year period prior to the purchase. However, in the case of a married couple, the home ownership record of both parties is taken into consideration.
What is the requirement in order to take advantage of the program?The First Time Home Buyer who qualifies and participates in the $8000 tax credit program agrees to live in the home for at least five years.
This is a great program and, unlike the 2008 program where First Time Home Buyers were offered a $7500 loan to purchase a home - the 2009 program stipulates that the $8000 does not have to be paid back.
This is truly an outstanding program and those who qualify should jump on it.
Gloria Laughton Allston, Burgdorff ERA Realtors, Princeton, NJ