Have you heard of the $8,000 Tax Credit offered to First Time Home Buyers? People purchasing a home in 2009 for their primary residence AND are first time home buyers (meaning you have not owned a home in the past 3 years or more or even never owned a home) may claim up to a $8,000 tax credit when filing their 2008 or 2009 tax returns. There has been much buzz about this tax credit, let’s talk about how this will affect people’s life:
1) DIVORCE RATES WILL BE LOWER – Couples now have an incentive to buy a home, and since most households have both spouses contributing to the mortgage together, what a great reason to stay together!
2) TAXPAYERS WILL FILE THEIR TAXES ON TIME – I want my 8K and I want my tax refund now! Who wants to wait for your tax credit until next year? If you are a first time home buyer and purchased your home before April 15, 2009, you can file for your tax credit when you file your taxes for 2008. Please check with your CPA or financial advisor about this.
3) HOME OWNERSHIP WILL START EARLY FOR MANY – Why not start your real estate investment once out of college and have a job? Many people have a trust fund that is accessible to them after college. They can use their trust fund as a down payment for their home. Start your real estate portfolio while you are young; don’t wait until after the 1st child arrives or after owning the first boat or after paying off your wedding. Start TODAY!
4) PEOPLE WILL HAVE STRONGER CREDIT – A first time home owner usually does not have a long credit history or none. By making mortgage payments on time every month, the homeowner can establish great credit history. Would it be a perfect world if all our youth started on the right foot with their credit?
5) THERE WILL BE LESS STRESS IN THIS WORLD – Find a real estate agent that will walk you thru the entire home buying process, not just from seeking your dream home, but explaining the mortgage process, make recommendations of service providers (loan processor, home warranty, home insurance, title company, etc.); and one who holds your hand thru the contract to close process. Here is what my First Time Home Buyer/Client have to say about me:
"Purchasing a home is not an easy task and can be a headache for a first time buyer.
Pearl was able to walk me through the ins and outs of purchasing a home. I'm pleased that the overall process went pretty smoothly from start to finish with no paperwork issues. I highly recommend her!" ~Thao P.
If you or anyone you know is ready to be a homeowner and want to take advantage of this $8,000 tax credit, give me a call TODAY at (512)786-SELL/7355. (Certain restrictions apply, call to see if you qualify for the 8,000 tax credit).
The impact of the FTHB plan is an opinion of the author who likes to remain positive ;)
