The New Tax Incentive Makes Buying Foreclosures Even More Affordable
Instead, an existing ,500 credit was revised for homebuyers. The credit was increased to ,000 and under the terms of the bill this new credit does not need to be repaid if you live in your home for three years or more. The old credit did have to be repaid within 15 years at a 0% interest rate. This means that the new 000 credit puts money in your pocket – and keeps it there.
The 000 credit is available to all first-time homebuyers who buy property between April 9, 2008 and Dec. 1, 2009. Married buyers with incomes of up to 0 000 and single homebuyers with incomes of 000 or less will qualify for the full credit. When you combine this 000 credit with foreclosures – which are already priced at up 50% below market value – you could save tens of thousands of dollars on the purchase of a home. This can make your home cheaper than rent. Even if you have always assumed that you could not afford a home, now is the time to consider foreclosures. When combined with the tax credit, especially, foreclosures could make homeownership a reality for you.
There is no time to waste, because the tax credit is set to expire in only a few short months. Join now and start your home search now with DistressedPropertiesSale.com. Our listings are detailed and include all types of properties across the nation. You are sure to find a home you like – and can afford -- here.