Well, I'm officially a Real Estate nerd, its 9:00 on a Friday night and here I am in front of my computer working on Real Estate stuff. But its okay.... cause I love it! What I love even more are the following three facts that should get you out of your apartment or parents basement and into your first home:
Free Money... Well Kinda
Housing Legislation just passed a bill for first time home buyers. It allows first time home buyers to receive up to a $7,500 tax credit if you purchase your first home between now and April of 2009. Here's how it works, you will get a credit for 10% of the sales price of your home but it can not exceed $7,500. The money isn't exactly free but it is a free loan (aka no interest) that you will have to pay back over 15 years in equal instalments. If you sell your new home for more then you paid for it and before you pay the $7,500 back the outstanding balance must be credited back to Uncle Sam. But all in all its still a good deal that should be taken advantage of.
FHA Down Payment Assistance
As of October 2008 down payment assistance programs such as Neihamiah, Ameridream and Genesis will no longer exist. These programs allow sellers to assist buyers with their down payments up to 3%. Which with these three programs that's all you need is 97% loan to value to qualify.
Its a Buyer's Market
There are plenty of homes out there that can be gotten at an absolute deal. Although the market isn't as bad as the media makes it out to be, it still favors the buyers more so than the sellers and if your not to picky you can really cash in on someone else's misfortune. On top of that interest rates are still low. Earlier today I checked and they where at 6.25% on a 30 year mortgage.
If these three incentives don't motivate you to buy your first home then somethings wrong. Showing houses early tomorrow morning so I'm calling it a early night let me know what you think of my post. Just remember I'm a realtor and not an English professor so no criticism on my grammar.
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