For first time home buyers now is the time to act. With the government offering an $8000 tax credit on homes purchased by April 30th, 2010 and with the historically low interest rates available today, this is an opportunity not to be missed!
First of all there is the tax credit. It goes like this, buy a home by April 30th, file your tax return and get cash back from the government. This is a true credit and not just a nice deduction. Of course there are some limitations based on your income level, etc. You should definitely consult a tax professional regarding your own personal situation.
Second, we have the low interest rates. As of today they are hovering around 5.00% for a 30 year fixed rate mortgage. These are terrific rates that will not last! Why won’t they last? Because the government’s intervention in the mortgage markets which forced rates to drop dramatically is slated to end on March 30th, 2010. When this stops, rates go up. Some experts predict that rates will be over 6.00% by year’s end. Don’t miss out!
In addition to both of these great factors, home prices and selection are also terrific. With housing prices having fallen and the available supply of homes for sale still very, very good, this would be a great time to buy even without the tax credit and low interest rates.
So we have:
$8000. tax credit + low interest rates + low home prices + great selection of homes = FANTASTIC OPPORTUNITY!
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