Ever wish you could get someone to pay your rent for a year? Well..if you purchase a house this year, your wish may just be reality.
Think of it this way. If you take the new $8,000 stimulus money for new home buyers and divide by 12, you are receiving a credit of $667 per month. That's if you divide by twelve. Realizing that if you start the process today, the closing would take place in April....and the first payment due in June....it changes the game dramatically. A first payment in June, with full $8000 (if qualified) received equates to a monthly credit of $1333....or equivelant to free rent for the rest of the year.
Of course, it's not that simple once closing costs and down payment figure in. But manipulate the numbers in any way, add the bonus of 30 year low mortgage rates...and it equals a great time to purchase a new home.
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