What's After the Tax Credit?
The $8,000 tax credit is over if you didn't go under contract on a home, by the April 30th deadline. So, what incentives do first-time home buyers have to purchase their own home? How does up to $70,000 in grant funds sound to you? There are several new home subdivisions that offer substantial grant funds to first-time home buyers. A prospective buyer is considered a first-time home buyer if the buyer has not owned his or her primary residence in the past three years. We recently helped a single mom of two children purchase a new 4-bedroom, 2 bathroom home priced at $171,701, with $57,010 in down payment and closing cost assistance. The down payment assistance helped to bring her loan amount to about $115,000 and, with a below market interest rate, her payment was less than $800/month.
Chances are, the government will not be providing another home buyer tax credit any time soon, but there are so many other cost saving opportunities for home buyers in today's marketplace. To take advantage of grant funds, your household income generally needs to fall within certain income guidelines, which may be higher than you'd think.
Chances are, the government will not be providing another home buyer tax credit any time soon, but there are so many other cost saving opportunities for home buyers in today's marketplace. To take advantage of grant funds, your household income generally needs to fall within certain income guidelines, which may be higher than you'd think.
Posted by Lifelong Realty at 7/13/2010 12:27 AM 
Categories: New Homes, Tax Credit, Virginia, Grants, Low Monthly Payments, Low Interest Rates, First-Time Home Buyers, Buying a Home
Tags: New Homes Tax Credit Virginia Grants Low Monthly Payments Low Interest Rates First-Time Home Buyers Buying a Home
Categories: New Homes, Tax Credit, Virginia, Grants, Low Monthly Payments, Low Interest Rates, First-Time Home Buyers, Buying a Home
Tags: New Homes Tax Credit Virginia Grants Low Monthly Payments Low Interest Rates First-Time Home Buyers Buying a Home
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