Stimulus Package - 1st Time Home Buyers!!

Well, Accountants, Attorneys, Lenders and Realtors® are doing a lot of reading. The Stimulus Package is over 1000 pages. From what I can see and have been told, 1st Time Home Buyers seem to fair pretty well on this Bill. A 1st Time Home Buyer is someone who hasn't owned a home in 3 Years. This Bill is geared to your Primary Residence only. Qualified 1st Time Home Buyers can be eligible for up to an $8000 Refundable Tax Credit. Qualifications are based on being a 1st Time Home Buyer and your Income. Yes. Full $8000 credit is available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). The Credit phases out above those caps ($95,000 and $170,000). The Home must be Purchased on or after January 1, 2009 and before December 1, 2009. This credit DOES NOT require repayment. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

For the 1st Time Home Buyer who is sitting on the Fence, this along with Low Home Prices, Low Interest Rates and a lot to Choose From should be what it takes to knock you off of that Fence. Whether it is the Real Estate Market, or the Stock Market it is hard, if not near impossible, to "Time The Market". Sitting and Waiting for Better Prices, or Better Loan Rates could cost you Dollars and the Opportunity to own your 1st Home - or to Buy More Home than you will be able to later, if you miss this "Window of Opportunity".

My Office is in Mundelein Illinois, in the Heart of Lake County, we are starting to see activity pick-up and even Multiple Offers. Never fails, when you like something a lot, someone else probably does, too. Waiting and getting into Multiple Offers can cost you more money also. If you have been kicking around the idea of Buying your 1st Home, Don't Wait - the situation is Great for You Now!!