Great news for first time homebuyers!  If you purchase a home for your principal residence between January 1, 2009 and December 1, 2009, the government will pay you $8,000 in the form of a tax credit! A first time homebuyer is defined as someone who has never purchased a home, OR someone who has not owned a home in the past 36 months.  The first time homebuyer tax credit first came on the scene in April of 2008 and was set to expire June 30th, 2009.  Originally, the amount of the credit was $7,500 and repayment was required over a 15 year period.  In essence, it was a moderately appealing interest free loan from the government.  This credit has now been amended for 2009 as a part of the new stimulus package removing the repayment requirement and raising the dollar amount to $8,000!  When considering this exciting new opportunity coupled with extremely low interest rates, I have made the decision to purchase my first home.  I really can’t imagine a better buying scenario.  Prices are low, interest rates are even lower, and the government wants to give me $8,000 for making a wise and potentially high yielding investment.  Where do I sign?  Of course you must first make sure you are in a position to afford home ownership by evaluating your finances, securing a down payment, and getting pre-qualified by your lending institution of choice. Contact me if you are like minded, don’t kick yourself in 2010!  For more information on how the credit works, visit www.federalhousingtaxcredit.com or call Lane and Smythe for the rundown 843-577-2900.