The time is drawing to an end for first time home buyers to purchase a Charlotte Home and receive the $8,000 federal tax credit. There is currently a rush to purchase to make these purchases since the tax credit expires on November 30th, 2009. This means that you must actually be in your home by the end of November. Keep in mind that a Charlotte Real Estate closing takes about 30 days from the signed contract to actually closing on the home. This is if everything with the loan progresses without a hitch and it also depends on the lender. Many large banks process things more slowly and it would be wise to have your new Charlotte Property selected by the middle of October.
Your Charlotte home search may also take you longer than you anticipated. Keep in mind that the deepest discounts are bank owned homes and Charlotte Short Sales and these can take several additional weeks. As multiple offers are received on most of the Charlotte Foreclosure homes, you are losing valuable time while you wait.
Charlotte Foreclosures offer many benefits; there is risk but also great potential rewards. Visit Charlotte Real Estate - Charlotte NC Homes for Sale to begin your Charlotte Home search and Charlotte Foreclosures to learn more about Charlotte Bank owned homes, Charlotte Foreclosures and so much more.
Showing posts with label Federal Tax Credits. Show all posts
Showing posts with label Federal Tax Credits. Show all posts
Sunday, August 30, 2009
Monday, May 04, 2009
First Time Home Buyers Receive $8,000 Tax Refund!
There has never been a better time for first time home buyers to own their own Charlotte NC home. Interest rates are at historical lows which makes a HUGE difference in your Charlotte house payment and the size of home you can realistically afford.
Now add Charlotte foreclosures into the equation. I do not recommend a foreclosure to the first time home owner unless you are financially prepared for the cost of repairs. BUT what the Charlotte foreclosures have down is suppress the market! This means that the "normal" home appreciation has been placed on hold. Homes are not appreciating because of the downward pressure placed by foreclosures. Basic housing economics dictate that when a surplus of homes are on the market, the values will fall. The foreclosures are "unexpected sales" which are saturating the markets. This prevents great Charlotte Homes from feeling their true values.
Finally the Federal Government is providing an $8,000 tax credit for first time home buyers. There are rules to prevent manipulation of this credit. You can not have owned a home within 3 years (including your spouse with joint tax returns). The $8,000 tax credit is an actual $8,000 Federal Tax Refund when you send in your taxes! This basically means you can basically live for free for the first year!
In order to qualify for the full $8,000 your home must cost at least $80,000. This is easy within Charlotte NC Homes For Sale since the vast majority of our homes exceed this amount. IF you purchase a less expensive Charlotte Home then the amount is prorated based on the value of the home.
This is a win/win for the first time home buyer. With an FHA loan you will only need a 3 to 3.5% down payment. When taxes come due you can now deduct the mortgage interest, the property taxes and then the first year you get the additional $8,000!
Call me today and let's explore your options! I do not want you to buy more home than you need nor more home than you can afford. Visit Charlotte Real Estate for more great information about Charlotte NC Homes for Sale and the Charlotte Suburbs.
Now add Charlotte foreclosures into the equation. I do not recommend a foreclosure to the first time home owner unless you are financially prepared for the cost of repairs. BUT what the Charlotte foreclosures have down is suppress the market! This means that the "normal" home appreciation has been placed on hold. Homes are not appreciating because of the downward pressure placed by foreclosures. Basic housing economics dictate that when a surplus of homes are on the market, the values will fall. The foreclosures are "unexpected sales" which are saturating the markets. This prevents great Charlotte Homes from feeling their true values.
Finally the Federal Government is providing an $8,000 tax credit for first time home buyers. There are rules to prevent manipulation of this credit. You can not have owned a home within 3 years (including your spouse with joint tax returns). The $8,000 tax credit is an actual $8,000 Federal Tax Refund when you send in your taxes! This basically means you can basically live for free for the first year!
In order to qualify for the full $8,000 your home must cost at least $80,000. This is easy within Charlotte NC Homes For Sale since the vast majority of our homes exceed this amount. IF you purchase a less expensive Charlotte Home then the amount is prorated based on the value of the home.
This is a win/win for the first time home buyer. With an FHA loan you will only need a 3 to 3.5% down payment. When taxes come due you can now deduct the mortgage interest, the property taxes and then the first year you get the additional $8,000!
Call me today and let's explore your options! I do not want you to buy more home than you need nor more home than you can afford. Visit Charlotte Real Estate for more great information about Charlotte NC Homes for Sale and the Charlotte Suburbs.
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