Home Buying Information

There's no question, home interest rates are GREAT! As of today, 5/2//12 interest rates are as low as 3.75% with 3% down. If you were purchasing a $150,000 with 3% down and qualified for this typical 30 year mortgage your payment would be less than $674.00 a month, you probably pay more in rent. If there was ever a time you were considering taking that step into home ownership you may never see another opportunity like this. Low rates, home values more affordable than ever and loan payments many times less than rent.

If you're considering purchasing a small hobby farm or acreage in a rural area make sure to ask yourself the right questions before you sign on the bottom line.

I live on acreage as well and don't blame you at all for considering the advantages but there are some items from the real estate side you need to keep in mind so you don't get stuck in the end.

Septic Considerations:

New legislation extends a tax credit of up to $8,000 for qualifying first time home buyers that was previously set to expire on November 30, 2009. 1st time buyer tax credit

If you are a first time home buyer (one who has had no ownership interest in a principal residence in the United States in the last three years), you will qualify for the credit if you purchase a home or have one under contract by April 30, 2010 (closing by June 30, 2010).

Many people are still wondering what the $8,000 tax credit is all about so we have put $8,000 tax credit by Derrick Monroetogether a quick Q&A of the most common questions.

Q: What type of home purchases qualify for the first time home-buyer credit?

A: Any home located within the United States that is a primary residence. You must buy the home before Dec 1, 2009 to qualify for the first time home buyer credit.

Q: What is the tax credit anyway?

Home Buyer Tax Credit Could Expand.

A first time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate market. Now there is talk between both the business community and legislators to expand the already popular tax credit program even further.

Many bills have been introduced in the House and the Senate to expand the current bill. Some of the suggestions are:

First Time Home Buyer Tax Credit

Are you a buyer still on the fence whether you should buy or not? Have you been watching the market closely and trying to catch it at the right time? The time is here and not only can we share 8,000 great reasons to buy now, don’t forget to consider home prices are at lows that open up so many more avenues for not only the first time home buyers but seasoned ones as well.

This page describes how the mortgage relief tax credit effects the first time home buyer.

Who is Eligible:

• The $7,500 tax credit is available for first-time home buyer only.
• The law defines a first-time home buyer as a buyer who has not owned a home during the past three years
• All U.S. Citizens who file taxes are eligible to participate in the program

Income Limits:

Got real estate and a new home on the brain but don't know when to jump in? All your friends and family have their opinion, the news another and its all too confusing, right? Don't let it be, just step back, look at the big picture and ask yourself some questions.

Home prices are at their most affordable in years and you can’t beat today’s rates (around 5% at this writing). Yet it seems that more buyers are sitting on the sidelines, waiting for a more drastic down-turn in the market.

For aspiring home owners who find their goal difficult, newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime.

But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible.

Here are the basics of the first time home buyer tax credit plan.

Attention First Time Home Buyers