First-Time Home Buyers Receive $8000 Guaranteed If They Buy Now!

First-Time Home Buyers This is a Slam Dunk!
If you haven’t heard or realized, First-Time Home Buyers received a $8000.00 give me when President Obama signed in legislation a law that provides First-Time Home Buyers with an astounding eight thousand dollar tax credit. In a nutshell, it means that you are knocking off eight grand from already rock bottom home prices. If there ever was a time to BUY NOW, this is it!

To pull this off, the purchase MUST be completed by December 1, 2009. To be quite frank, if you are one of the numerous first-time home buyers that have been waiting for the right moment, I’ll repeat myself; this is it. Look at what you get. This is tax credit; it is not a loan and therefore does not require repayment. If you purchase a home for $150k, with the tax credit, you end up paying $142k! That means if you buy right, that $8000.00 tax credit can make a heck of a difference in your bottom line.

First-time home buyers need to wake up and realize this; the market is favoring you due to the glut of properties available. There are very few places in the United States that have not been impacted by this current economic downturn.

It is safe to say, that wherever you buy, you will be buying at a discount and potentially receiving other incentives to BUY NOW! In Power Springs, Georgia, a developer threw in a Kia Spectra to entice buyers to buy now. Another developer threw in an all expenses paid cruise for two. Others are throwing washers and dryers, flat panel TVs and laptops.

Just about everywhere you turn similar deals are being offered and even if they are not - owners, developers and investors are more than willing to sweeten the pot to close the deal. That being said, these deals won’t be around forever. That’s why taking the $8000.00 tax credit is simply just a great deal.

What qualifications must a person meet to take advantage of this economic stimulus package? It’s really not much considering what you are receiving. For starters, the borrower must agree to take home owner counseling provided by a DOJ approved debt counseling agency. This requirement really benefits the borrower because it lays the groundwork for them to be good stewards of their finances.

The home purchase must be for their primary residence. They must to be First-Time Home Buyers. That means they are eligible if they have not owned a property during the three-year period ending on the date of the purchase, which is defined as the closing date of the sale, not the contract date. If you are building a home, the purchase date is considered the date the home is first occupied. If the home is sold within three years, the $8,000 tax credit must be re-paid.

Who doesn’t qualify for the tax credit? - Single people who earn $75,000 or more and married people who earn $150,000 or more. The person is also not eligible if the seller is a relative of the buyer. The IRS wanted to make sure that no family hanky panky business was going on.

Overall, the $8,000 tax credit for first-time home buyers should entice many aspiring homeowners to “jump-in” and buy a home before December 1, 2009. If not, they just missed out on an incredible deal that may not come around again for a L-O-N-G time!

Author, Joel Marks of REODr.com