June 19, 2009

Got $2,500? Buy a House

Got $2,500? Buy a House

Rock-bottom interest rates and an $8,000 tax credit make a home possible for many first-time buyers — with no trick mortgages or financial gymnastics required.

With that tax incentive, average credit and less than $2,500 in savings, it's possible to buy a $150,000 starter home for about $1,000 a month, taxes and insurance included.

Most people who want to buy are stuck with a home to unload first. First-time buyers don't have that problem. But many don't have the down payment money either.

The $8,000 federal tax credit solves that.  It is literally a gift: All you need to do is buy a first home for $80,000 or more to receive a 10% — to a maximum of $8,000 — rebate from the government, even if you had no taxes withheld.

The government is even letting homebuyers with Federal Housing Administration (FHA) mortgages borrow against the tax credit right now — it's called a bridge loan — and then repay it at tax time.

There are several items you must meet in order to qualify, but it's not complicated.

A triple play like this one probably won't happen again in your lifetime:

    * Money's cheaper than dirt.

    * Home prices have been knocked back to 2003 levels.

    * The federal government wants to pay you up to $8,000 for buying a house.

Talk to us, or any qualified lending professional, about your options for buying a house now. There really may never be another chance like this in your lifetime.

Ventura County real estate, homes and relocation is our specialty. When shopping for Ventura County real estate you need your own Buyer's Broker. If you'd like more information about Ventura County real estate now, simply click the "Search for Ventura County Real Estate" link at the top or bottom of this page.

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