First Time Home Buyer’s Stimulus – Obama Helps You Get Ahead!

Suzan Smith asked: Sometimes it feels like you just can’t get ahead financially. You take one step forward, and then two steps back. At least it seems that way. And, in the current economic climate, it seems almost impossible just to make ends meet, much less get ahead at all. President Obama is helping people who qualify for the First Time Home Buyers Stimulus to not just get into a home, but get ahead financially, too. Times are very hard, and many have lost their homes. Foreclosure is at an all-time high. Home sales have slowed down to a creeping pace, and market values have plummeted. But, what this translates to is that now is a great time to buy a home! You can take advantage of the lower prices and desperate sellers to get a home that would have cost you much more a year ago, and will probably be worth much more in another few years. And, on top of that, you may be able to qualify for the tax credit through this government program that can be up to $8000, or ten percent of the sales price of the home you purchase. If you wisely reinvest that tax break into the principal of the home, you will have a rather sizable equity in the home in a very short time. When the market is restored, and it always is, you will be in a very good position financially due to your equity in your home. This tax credit is available to those who meet the requirements, of course, but they are not difficult. You don’t apply to anyone for approval,, but you just take the tax credit on your income tax return. You cannot make more than $75,000 for one person and $150,00 for a couple. The home has to be closed on during the period between January 1, 2009, and December 1, 2009. It must be written on a primary dwelling, which means you live there. If you think you may qualify for the First Time Home Buyers Stimulus, you should definitely find out more.

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