Probably the biggest giveaway that this administration has come up with yet is going to expire on November 30, 2009! I am talking about the $8,000.00 new home buyer’s tax credit. This is an actual credit against your taxes, and can even be a refund direct to you if you have a tax liability less than $8,000.00 this year!
It is true that you have to make $75,000.00 or less as a single person to qualify for the full amount, and that amount of income would not be enough to qualify you to buy a $400,000.00 condo in West Hollywood, but if you really want to get in on this sweet deal, maybe you should consider purchasing a condo in Canyon Country or elsewhere in the Valley for around $200,000, which you can afford, and living in it for the next three years (which you must do in order to not have to pay the money back). Remember, you must have closed escrow by December 1, 2009 to qualify for the tax credit, and it can take 2 months or more from your first offer on a property to closing the deal. This means that time is running out. If you want to be included in this generous giveaway, you have to start looking for a home right now.
If you have questions about how much money you will have to make to qualify for a loan of a certain amount, you can go to my website, http://www.robertjonezetcie.com and click on “mortgage calculators” to get an idea of how much of a loan your income will qualify you for and what kind of down payment, closing costs, and payments to expect, or contact your accountant or loan officer for specific amounts.
You can get more information on the Federal Housing Tax Credit by clicking on this link: http://www.federalhousingtaxcredit.com/2009/home.html.
So if you are in the market to buy your first home, I strongly urge you to jump at this opportunity. I am sure that it will only knock once in our lifetimes.
