Are you a Property Virgin? – 8,000 reasons to buy your first home today! « GoodLife Team - GoodLife Team

No joke. The 8,000 reasons to buy today are quantified in terms of real dollars – $8,000! That’s right. As part of the stimulus package, Uncle Sam is offering “First-Time Homebuyers” (Let’s call you Property Virgins) up to $8,000 in the form of a tax credit…and now a down payment…for purchasing a home in 2009.

And, as if this is not enough….the Secretary of the US Department of Housing and Urban Development (HUD) just announced that the FHA is going to allow lenders to let you, our Virgins, use the $8,000 as a down payment. What this means is that you will be GIVEN up to $8,000 to use as a cash down payment that lenders can monetize through a short-term bridge loan . So, if you have been on the fence because of a lack of cash to buy a house, it is time to hop down and leave that Virgin fence behind!

What is it? As part of the Stimulus package, a Property Virgin who purchases in 2009 is eligible to receive up to 10% of the cost of the house -up to $8,000- in the form of a tax credit on their tax return or cash for a down payment (did we just use stimulus and virgin in the same sentence?). A tax credit means that the $8,000 is a dollar for dollar reduction in what you owe in taxes. This means that if you owed $8,000 in income taxes and you received the $8,000 tax credit, you would owe nothing to the IRS. If you are owed a refund of $1,000, after the credit you would receive a refund of $9,000! And no, you don’t have to pay it back if you live in your new home for at least 3 years.

When is it? You have a short window of opportunity. You must purchase a home as a primary residence (new or resale) between January 1 and December 1 of 2009. The clock is ticking! The great news is that you can deduct the $8,000 on your 2008 or 2009 tax return. That’s right, you can buy a home this year and use the credit on last year’s tax return. If you have already filed, you can amend and still receive the credit.

Am I a Property Virgin? Well, maybe not according to you BUT according to the government, you are a ‘first-timer’ if you have not owned a home within the last 3 years. When else do you get to declare yourself as a born-again virgin?

Don’t wait. Really. We may never see this chance again. Historically low home prices, historically low interest rates and free money for buying a home. What is there to think about? And why are you waiting? Don’t sit on the fence any longer. When the government offers you a tax break or cash for down payment, TAKE IT!

For more detailed information on how to take advantage of this credit contact The GoodLife Team today. Click here to peruse FAQs.

It’s a good life,
Krisstina

In fact, you will be kicking yourself if you don’t. It is very likely that this opportunity is a once in a lifetime chance to receive real help in buying your first home.

This entry was posted on Tuesday, May 12th, 2009 at 5:59 pm and is filed under Conversations with Krisstina, Mortgage, Real Estate Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.