This will probably be one of the best years to buy, with the lowest interest rates in the last decade and the lowest prices since 2003. The Federal government is going to be doing all they can to assist people to buy a house this year. First time buyers will have an $8,000 tax credit available to them as long as they have a binding sales contract signed by April 30, 2010 and the home purchase is completed by June 30, 2010.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
There is also tax credit of up to $6,500 for qualified move-up/repeat/retirees home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
This is an opportunity you shouldn't pass up.
There is money available, either FHA, VA or conventional but you need to start the process. With an FHA, you need less of a down payment and your credit doesn't have to be great. They are more lenient with your credit scores.
Before you start looking at homes you need to find out what you qualify for. Most of the properties for sale are Short Sales or REOs (bank owned) and these have requirements that take longer. You will have to you get qualified with the bank who holds the property plus whoever you use for your loan.
If you need help or have question let me know.
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