Monetize Your $8,000.00 Tax Credit

You can now use your $8,000.00 tax credit towards closing costs and/or down payment on the purchase of your home! Remember, if you have not owned a home in the past 3 years, you probably qualify for the $8,000.00 tax credit.

Read the official HUD press release: http://http://www.hud.gov/news/release.cfm?content=pr09-072.cfm

Although mortgage lenders may take a couple of weeks to get up to speed with this change, it will be available very soon.

There are several reasons I think the time frame between July 2009 and October 2009 will be the optimum time for a first time homebuyer to purchase their new home.

1. $8,000.00 tax credit will expire on December 1, 2009 (meaning you MUST CLOSE by Dec.1!!)
2. $8,000.00 can be used to offset closing costs until Dec. 1st.
3. Interest rates are at record lows, but already starting to rise and are anticipated to continue to rise.
4. Rock Bottom real estate prices this year. Multiple offers and bidding wars are happening every day and this will start to increase real estate prices!
5. Large inventory to choose from, however the numbers are decreasing which will eventually mean an increase in real estate prices.

Even if you are not a first time home buyer, why not upgrade or downgrade this year as well? You may not make as much money on your current home when you sell, but you will pay less taxes and insurance and closing costs on a home purchased this year and be assured since you are buying at the bottom of the market that your home will appreciate in value over the next few years!

Start looking for that deal of a lifetime right here: http://sthomson.servingbrevard.com