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The 2009 Economic Stimulus Bill may help first-time buyers get a home

February 17th, 2009
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Uncle Sam wants YOU to buy a home.

In fact, they want you to buy one so badly they have added yet ANOTHER incentive for you to do so. The $790 billion stimulus package approved by the House and Senate includes benefits for any one buying a home, but is especially beneficial to first-time homebuyers. Among other things, the bill has created a true tax credit for first-time buyers that give them an $8,000 credit if they purchase a home in 2009. This credit does NOT have to be paid back as long as the buyer stays in the home for at least three years. A first-time buyer is anyone that has not owned a home in the last three years.

What this means is that for a first-time buyer, the Government will pay for a significant portion of your down payment. For example, according to BAREIS, the Median price for a home in Sonoma County in January 2009 was $290,000. If you buy a home at this price and use the FHA loan program with its low 3.5% down payment, your down payment would only be $10,150. At the end of 2009, the Government would give you back $8,000 of this money. Your effective down-payment would only be $2,150, or equivalent to less than two months rent. In addition to this, the entire down payment could be a gift from a relative.

When you combine this new incentive with the INCREDIBLE features of an FHA loan, it really makes sense for anyone that is considering the purchase of a home to take a serious look at what is available in the market today. Contact me at 707-327-9407 or by email at: davidharts@sbcglobal.net and I can help you get started in understanding today’s market and help you find a good lender that will treat you fairly and honestly.

For more information about the great benefits of an FHA loan today, read my post: The Advantages of the FHA Loan

First Time Buyers, Lending, New Laws, Tax Advantages , ,