First Time Homebuyers

There are some benefits available to first time homebuyers.  For now, there is a tax credit (federal income taxes) that might be available to folks buying their first house prior to July, 2009.  The benefit is open to income limits of $75,000 if filing a single income and $50,000 if filing jointly.  It provides a tax credit up to a max of $7,500 and is calculated at 10% of the purchase price of the home.  It is a great opportunity, so contact your tax preparer or the IRS to get the specifics.  In other words, please check my information, and if I am wrong, let me know!

Also, there are bond programs for first and second mortgages to help people purchase a house, but keep in mind that they all have income limits and that first mortgages have deed restrictions.   There are also some state and/or federal down payment assistance grants for targeted areas.

 Give me a call and we can run through some scenarios for you.