Aspiring First-time Home Buyers who have been sitting on the proverbial real estate fence may see their "ship" coming in this year in the form of a new Federal Housing initiatives.
In the latest move by the U.S. government to stop the national housing & economic bleed, first-time buyers will be able to take advantage of a temporary tax credit of up to $7500.00.
The stipulations look like this:
-Home must be purchased between April 9, 2008 and July 1, 2009
-Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for full credit
-Only primary residences qualify (no 2nd homes, rentals, etc)
It's no doubt that one of the challenges the encomy faces in getting jump-started is that of fewer financing options for today's buyer. The Media isn't helping either, but despite their mass over-dramatization of the issue, we have to expand rather than contract to beat this current situation. One of the best ways to do that is to get first-time buyers off the fence and into the equity-producing tax shelters we call home ownership.
Don't Forget New FHA Limits
One program that has made a HUGE comeback this year and, quite frankly, seems to work on 99% of the deals I've seen it used in, is the FHA loan. New loan limits for FHA will be the greater of $271,050 or 115% of an area's median home price.
Conforming loan limits for Freddie Mac and Fannie Mae will be the greater of $417,000 or 115% of the an area's median home price; up to $625,000. In Washington County this will be $417,000.
Get detailed info here: http://www.federalhousingtaxcredit.com/.