$8,000.00 Tax Credit For First-Time Home Buyers

All you first-time home buyers who are waiting for just the right time to buy, should consider that Now is the best time to purchase that first home. The $8,000.00 tax credit program is going away at the end of November. That means if you have been considering buying a short sale which typically takes 90+ days to process, it’s too late. Unless the bank has processed one where the buyer dropped out. If there has been a broker’s price opinion, and a negotiator assigned, you may still have a chance to purchase that short sale. A better choice at this time would be to look at only bank owned homes. Homes that have been foreclosed on will go through the process quicker. You still have a chance to use the $8,000.00 tax credit. If you find a home that is not a short sale or a foreclosure, and the seller wants a quick close, you still have a chance for that as well. Another option would be a New Build Home. Builders typically have spec homes available, where you can pick the flooring and counter-tops. They can close in as little as 30 days. Builders are anxious to unload their inventory, especially at months end. They also offfer incentives such as $$ off the price, special financing options or upgrades at a discounted price.

To qualify for the program your income cannot exceed $75,000.00 per year for a single person or $150,000.00 per year combined income for a married couple. If one partner has owned a home with-in the past 3 years, you will not qualify. Vacation homes and investment properties do qualify, as well, as long as you meet the above requirements.

So get off that fence! It is now The Time To Buy that First Home!

Michael Manning

HomeSmart BuyerTours Team

480-882-2727

602-738-8236