Its official! The President has signed into law an extension and expansion of the home buyer tax credit.
Below is a summary of the home buyer tax credit provided by the National Association of REALTORS®:
If you were still working on getting your credit into shape or maybe you just weren’t finding the perfect Spring Texas house for sale to call “home”, relax because you have been given a little extra time to claim your share of FREE money from the U.S. government.
You haven’t missed out on low interest rates either because the interest rate for a 30-year FHA mortgage is still hovering in the low 5 percent range. The mortgage interest rates are going to have to rise over the next couple of years because its not possible for rates to continue to remain this low. What should you expect the interest rates to increase over the next couple of years? The Mortgage Bankers Association predicts the 30-year fixed rate to be 5.6% by the end of 2010, 6.1% by the end of 2011, and 6.4% by the end of 2012. These are still low rates if you compare them to the 10% interest rates we experienced in the early 1990s.
This time around the home buyer tax credit is not just for first time home buyers. If you have used your home as your primary residence for 5 consecutive years of the last 8 years, you too can get a little FREE money up to $6,500 from our government on the purchase of a new (“move-up”) home. Not too shabby.
I am eligible for what I will call the “move-up” tax credit but I love my house and it fits my needs so I am going to stay where I am at.
Jill Wente is an incredible realtor! We lived in the area for about 3 years before taking the house-hunting plunge... read moreJill Wente is an incredible realtor! We lived in the area for about 3 years before taking the house-hunting plunge and truly could not have chosen a better realtor to work with. Jill is professional and patient, she is an incredible resource who is 100% there for her clients at all times. We had a lot of questions and didn't want to pay any closing costs or prepaid costs out of pocket - Jill is a Master Certified Negotiation Expert and it SHOWS. We got exactly what we wanted at the price we wanted AND had several bonuses thrown in, including appliances and gutters. She was there for inspections/walk-throughs and kept in contact with our builder's salesperson as well. If you want a strong realtor who is also pleasant to work with (which I've learned is rare), then Jill is the realtor for you!! read less