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Tax Incentive Extended For First Time Home Buyers - Current Homeowners Are Now Eligible As Well!
by Steve Middendorp
The federal government is doing their part to stimulate the economy by extending the $8,000 first time home buyer tax credit until June 30. They have also added another group of buyers; anyone who has owned the same primary residence for five consecutive years out of the last eight also qualifies for up to $6,500 if they close on a house by June 30.
What does this mean for you?It means having some extra cushion and security when you decide to make one of the most important personal and financial decisions in your life. You can use this money to help fix up your new home to your desire, or simply use this cash to cover your mortgage payments for the next 6-12 months.
Things to keep in mindPurchasing a home can cause a great change in one's personal financial situation. The difference between rent and mortgage payment is not the only factor. Many apartments include utilities - gas for heat, gas for cooking, water, trash and electric. If you are already paying these utilities separate, just keep in mind electric and gas bills can be drastically larger depending on the size of the house and how well it is insulated. Think about putting the tax rebate in the bank while you adjust your budget to fit the new mortgage and utility payments.
The home buying processThe entire home buying process can be a lengthy one if you haven't settled yet on the house you would like to purchase. If you would like to take advantage of the governmental incentive, don't wait until the last minute. There are many other buyers out there looking to benefit, and to qualify for the credit you must have an executed purchase agreement by April 30. Finding your dream home does not mean you won't have competition. Remember, the transition to home ownership is a big step and not one to take lightly. Don't settle on a home you don't like just to squeeze out the tax credit before time expires.
About the Author
Contact Steve Middendorp at 616-974-2182 or smiddendorp@arbormortgage.com for questions and inquiries about home financing and debt consolidation.
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