Seriously Free Money! (We're talking $8,000)

Summer is off to a quick start this year.  The calendar page hadn't even turned to June and we've had several days in the 80's.  With the clouds away for a few months now is a great time to begin searching for a home if you're thinking about purchasing.  As previously mentioned in my First Time Homebuyer Tax Credit post, the Federal Government is now offering an $8,000 first time homebuyer tax credit.  The tax credit is literally free money people!  A first time homebuyer is defined as someone who has not owned a home in the past 3 years.  If you don't meet this qualification, I'm sure you know someone who does.

Here are some great reason to buy in 2009

Historically low interest rates: Despite what you may have heard in recent weeks, mortgage rates are still at all time lows.  Mortgage rates below 6% only come around every 10 years or so.  To see them in the sub-5% range is even more of a rarity.  First time homebuyers can fit a larger purchase price into their personal budget when interest rates are low.

Historically low home prices: We are definitely beginning to see a great amount of movement of home purchases in the Willamette Valley this year, but we are still have plenty of homeowners with the need to sell.  The inventory of homes on the market is greater than ever which makes it a perfect buyer's market.

Loan programs designed for first time homebuyers: There are several programs that have been designed and adjusted for first time homebuyers (although they are not necessarily exclusive for first time homebuyers).  The FHA home loan program only requires a down payment of 3.5%.  FHA also offers a rehabilitation home loan which allows borrowers to finance up to $35,000 of improvements.

Free money: The $8,000 first time homebuyer tax credit is definitely a once in a life time opportunity.  The tax credit is only available for those who purchase before November 30th, 2009.  There are a few important steps to buying your first home, so it's best to get prequalified now to know if you can take advantage of this amazing opportunity.

If you want to discuss how you can take advantage of this market then contact me today.  If you don't qualify as a first time hombuyer i'm sure you have friends or family who do and should get the education they need to learn about this epic time.