Next Home Buyer Class - Sept. 10th

We're back from our summer break and ready to start teaching again.

Our next free Home & Condo Buyer Class is coming up on Wednesday, September 10th at 7:00pm.

For more details and upcoming dates, go to the web site:

Home & Condo Buying Class

"It's An INCREDIBLE Time To Buy A Home Now!"

1st-Time Home Buyer Tax Credit In Place!

On July 30, 2008, President Bush signed a major housing bill (H.R. 3221) into law. As part of the housing bill, Congress has created a new, temporary tax credit of up to $7,500 to provide an incentive for qualified, first-time homebuyers. The $7,500 credit will be available for the purchase of a principal residence on or after April 9, 2008 and before July 1, 2009.

I keep asking everyone "What's all the hype about this tax credit?" If you read the fine print, it states that once you get the tax credit, you then have to repay it back over 15 years, which amounts to paying $500/year back to the government. Sure, then it's considered an interest-free loan, but how does that help you buy a home? If you sell before the 15 years is up, the remaining balance is due at the time of closing when you sell. If there's not enough profit in the sale, it may be possible to have the amount waived. This information is still to be determined.

I just don't understand Congress. They want to saddle us with another $7,500 to go spend on whatever that we'll have to repay. They might as well give us a credit card with $7,500 on it!

Shown below are 2 links, as prepared by the National Association of Realtors:

1-page summary of the First-time Homebuyer Tax Credit
http://www2.cabr.org/files/chart_homebuyer_tax_credit_.pdf

29 Questions/Answers on the tax credit. This is very important to read and understand.
http://www2.cabr.org/files/homebuyer-tax-credit-Q&A7-29-08.pdf