The Goverment Will Give First Time Home Buyers $8000 to Buy!
March 17th, 2009 by Peter Frumenti | one response
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The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 6th indicated an 11.6% increase compared with the prior week for the total composite index, which includes both refinancing and purchase. Why is this?
Well, for the first time in over a decade it is now cheaper to buy than it is to rent. Mortgage rates are again at all time lows and contrary to what the media would have you believe there are plenty of loan programs out there for buyers.
Additionally, the federal government is encouraging buyers to help stimulate the economy by offering an $8000 tax credit to first time buyers(this includes those who have not owned a primary residence in 3+ years) who purchase in 2009. This money, unlike the previous $7500 credit, does not have to be repaid. Additionally, the income limits allow buyers to make up to $150,000 a year as a couple or $75k a year as a single person and the credit is “refundable” so even if you don’t have much tax liability qualified buyers will be able to take advantage of it. Check out the article below for more info.
In addition to the tax credit above, most homeowners can still write off interest on home loans for primary residences as well as property taxes and some closing costs. So, if your mortgage is the same or even slightly higher than you were paying to rent, but you decrease your tax liability for 2009 by $20,000 what is the net affect? A lot more money in your pocket in 2010!
We are here to help! If you have questions about buying a home or know someone who is thinking about buying let us know. We know the players, understand the market and care about our clients. Call us today at 510-770-1475!
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The Author: Peter Frumenti
About: A Tri-Valley native, Peter comes from a long line of real estate professionals: his grandfather, grandmother, and father have all served in varying capacities in the real estate industry. Formerly a director of sales and marketing in the hospitality industry, Peter has a strong sales and marketing background, which has served him well at both Keller Williams and Century 21. When Peter is not buying or selling homes for his clients, he serves as a board member for the Viola Blythe Center, a non-profit organization that provides social and humanitarian services. He is active in a number of Tri-City community organizations, as well. Peter serves on the agent leadership council for Keller Williams Benchmark Properties and is a member of the National Association of Realtors and the California Association of Realtors.
This entry was posted by Peter Frumenti, on Tuesday, March 17th, 2009 at 12:00 pm and is filed under Home Buyers, News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response on the right, or trackback from your own site.
One Response to “The Goverment Will Give First Time Home Buyers $8000 to Buy!”
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Frumenti Real Estate Team | California East Bay Area Homes for Sale
Search by city to find homes for sale listings and real estate information in Fremont, Newark, Union City, and Hayward, California. 510-770-1475
May 28th, 2009 at 8:56 am
[...] The best part of all of this is that both of the buyers above are eligible for the stimulus bill created 2009 $8000 tax credit. For more information on that visit the article I wrote entitled: The Government will give $8000 for Firt Time Buyers to Buy. [...]