IF YOU ARE A FIRST TIME HOME BUYER PURCHASING A HOME BEFORE JULY 1, 2009, READ THIS. . . .
However, you may have just enough cash or savings for your down payment. Even if your agent can negotiate closing help and even if you can manage your home purchase . . . . . . Cash from your 2008 Tax Return will help.
YOU WILL NEED CASH WHEN YOU MOVE IN. HELP FOR FIRST TIME HOME BUYERS IS IN YOUR 2008 TAX RETURN. AS A FIRST TIME HOME BUYER, YOU ARE ELIGIBLE FOR A CREDIT OF UP TO $7,500.
First Time Home Buyers in Virginia don't always think of expenses after they settle on their new or resal
e home and move in. However, you will need CASH for a number of things you didn't need in your rental.
- NEW WINDOW TREATMENTS FINISH THE UNFINISHED BASEMENT
- NEW KITCHEN APPLIANCES
- REPLACE THE CARPET IN THE BABY'S BEDROOM
- GARAGE DOOR OPENERS
- YOU WANT TO FINISH THE UNFINISHED BASEMENT
- MOM WANTS TO ADD GARAGE DOOR OPENERS
- DAD WANTS TO ADD MORE INSULATION
Many upgrades and improvements will be desired when you move into your newly purchased home. Most first time home buyers in Loudoun County are using most if not all of their savings to make their purchase.
You may be qualified for a FIRST TIME HOME BUYERS TAX CREDIT OF $3,000 for a $300,000 home or $7,500 for a $750,000 home.
Don't let this important First Time Home Buyers Tax Credit expire without considering this low cost of money. If you purchased a foreclosed home, you are almost certain to need cash to make repairs or upgrades.
Keep the First Time Home Buyers Tax Credit of up to $7,500 in mind when Homefinders shows you homes. You may wish to make your newly purchased home a show place with new shutters and siding. A cash credit from your tax return will surely help.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.
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Buyers can always find a place for money when they buy a new home good ideas.
Lenn: These are great tips for first-time homebuyers! They love the tax credits and all of the first-timers' perks but, oftentimes forget about these basics.
I just hope congress does't screw this up and delivers on this ...
Paul. From your lips, . . . . . . . .
Debe. Thanks. I spend a lot of time looking for money for buyers.
Terry. Isn't that the truth. First time home buyers have no idea of the time and expense of home maintenance.
Lenn... it's good to see you writing about this for the different areas that you service. The past 5 clients that I have spoken to in the last week, only one of them new about the tax credit. At least they have until the middle of 2009 and that it doesn't end in 2008. But maybe that could have pushed more closings just like when seller funded DPA's stopped... keep up the good information.
Jeff. Thanks. I plan to write about that a lot for the next month. Got to get the word out. Goodness knows, we need all the help we can get.
At the present time the first time homebuyers credit is really an interest free loan. The tax credit is repayable over 15 years. Under some circumstances the credit is forgiven and doesn't have to be repaid. There's been some talk about congress changing it to a true tax credit. It will probably be next year before any actions is taken.