If you are a first time home buyer, or someone who hasn’t owned a home in the last three years, there may never be a better time to buy! Sales of existing homes have been on the rise over the past five months and one incentive that has seemed to help is the $8000 tax credit that applies for most first-time buyers.
In fact homes priced under $200,000 these sales jumped to 47% of all transactions in the month of June up from 39% in May. According to the U.S. Commerce Department and their data homes under $200,000 accounted for almost half of the sales in the first six months of this year.
With home affordability at an all time high and the tax incentive the time to take advantage of this is now. Rates are still very low and with FHA, USDA or VA financing you can still get into a home with zero to 3 1/2% down payment. You will need to act fast in order to take advantage of the $8000 tax credit, this incentive is set to end 11-30-2009.
Posted by Randy Ratchford/Randy is a Partner/Sr. Loan Officer with Horizon Financial Inc. Randy can be reached toll free @ 877-627-9211ext107 or email RRatchford@HorizonFinancial.org
