RSS Feed4 Offers First-Time Home Buyers Can Take Advantage of | Oh My ...
So, you’re taking the plunge from renter to buyer? First time home buyers have many great offers out there for them to take advantage of. It is, however, important to point out what a first time home buyer is.
As defined by the United States Department of Housing and Urban Development, more commonly known as HUD, a first time home buyer is anyone that has not owned a home within the last three years. Consequently, if you are re-entering the housing market, you may also qualify for one of the great offers out there for first time home buyers.
1- A Tax Credit is Available to First Time Home Buyers
The Worker, Homeownership, and Business Assistance Act of 2009 allows for a tax credit of up to $8,000 for qualifying first time home buyers. Specific income limits and sales dates apply, but if you do qualify, the tax credit is determined as 10 percent of the home’s purchase price, capped at $8,000. With most home purchase being greater than $80,000, it can generally be assumed that most people qualify for the full tax credit. The tax credit is then claimed on your income tax return.
2 - Government Grants Available to First Time Home Buyers
If you are a first time home buyer and your income falls below the median income for your area, this may be something worth checking out. For qualifying people in qualifying income brackets (which vary based on location), first time home buyers can obtain a government grant to put towards the down payment on a home. This means the government will give those people that qualify, free money to purchase a house. Full information on the various government grant programs can be found on the HUD’s website.
3 - Mortgage Financing Through Your State Is Available for First Time Home Buyers
Some states offer mortgage loans to first time home buyers that are below market fixed rate interest loans. One such state is New Jersey. Their program is offered through the State of New Jersey Housing and Mortgage Finance Agency. If you are a first time home buyer, it is worth it to investigate further if your state offers a state funded mortgage loan.
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