| The first time homebuyer's credit was a fantastic | | | | 2009. That's on my birthday. In reality everything needs |
| opportunity for individuals wishing to purchase home | | | | to be done by November 30, 2009. What is First Time |
| that did not have the capital for the down payment. | | | | Homeowner? |
| Let's face it not many people have 10 or 20% for a | | | | To qualify as a first time home owner your name can |
| down payment on a house that cost anywhere from | | | | not have been on title for three years. We all thought |
| $250,000 to over $500,000. Using 10% down on a | | | | we could apply for this credit; but, there is an income |
| $250,000 is $25,000 that's a lot of money. Making a | | | | limitation on this credit. The credit starts to phase out if |
| 5% down payment is possible that would only be | | | | your income exceeds $75,000 per year if you are |
| $12,500. Going back to the homebuyers program two | | | | single and $150,000 if you are married that one hurts |
| different programs was implemented; one in 2008 and | | | | for individuals or couples that make more than the |
| 2009. | | | | amounts listed above. Now everyone can do the next |
| In 2008 the program was offering $7,500 that you had | | | | requirement which is stay in the home for three years |
| to pay back over 15 years. To me this reads a loan | | | | and you don't have to pay the money back. WOW! |
| with low interest rates. I didn't like that plan. The 2009 | | | | That is a sweet deal. |
| plan is you can receive up to $8,000 or 10% of the | | | | If you are planning to purchase a home and you have |
| purchase price on a home purchased before Dec. 01, | | | | the means to do it now is a really good time. |