Until November 30th the federal government is giving, yes that is correct giving first time homebuyers $8,000 to buy a home. This is not a loan or a deduction on next year's taxes. This is cold hard cash. It seems as I write this that the program will NOT be renewed past November 30th 2009. A first time homebuyer also means someone that has not owned a home for the past three years so if you are a former owner and haven't owned the past three years you may very well qualify. Again this is a dollar for dollar tax credit. So if the amount of the approved tax credit is greater than the amount owed in taxes you are mailed a check for the difference, which in theory could be the entire amount.
$8,000 is also the down payment required to purchase a $228,500 home. With the decline in home prices around Montgomery County and the general DC area this amount buys you far more home that ever before. If you are buying a foreclosure and or short sale again you can get a great deal but you must act NOW. You must close by November 30th and those types of sales can take months to complete. You can also amend your taxes and receive the funds needed to close NOW. We can arrange a meeting with a CPA to assist you in making this happen.
Don't wait, call a qualified loan officer NOW. Don't look back and think that you could have used this for yourself or could have passed this on to someone you know that is looking for their first home. If you need an excellent realtor who knows the local DC market very well we can help make a connection with a trustworthy source as well.
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