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First-time Home Buyers

 

 

Becoming A Home Owner for the First Time

When you are thinking about buying a home for the first time, you may want to consider the many advantages to homeownership:

Why Should You Own Your Own Home?

  • You enjoy being part of a community and a neighborhood. The house that you purchased, becomes a HOME.
  • Houses can increase in value over time, which means you increase your net worth.
  • As your home appreciates in value, you build equity in your home. This equity works for you if you decide to take out a home improvement loan or home equity loan.
  • Increasing equity also increases the amount of cash you may receive if you sell your home in the future.
  • Real estate is an important part of a diversified financial portfolio.
  • The interest you pay on your home mortgage is tax deductible if you itemize.
  • Homeownership offers more flexibility to make self-fulfilling changes to your living space, such as decorating and home improvement.
  • Potential first-time homebuyers may be able to get the keys of their own home for less than the amount they are now paying in monthly rent.

Programs For First-Time Buyers

2010 - Dodd-Lieberman-Isakson Amendment. On November,6 of 2009 this new law extended and expanded the first 2009 $8,000 First-time Homebuyer Tax Credit Plan. This new plan not only extends the $8,000 Tax Credit for first-time home buyers but now includes a $6,500 tax credit program for all qualified owners of existing homes wanting to buy a new home. This new program goes into effect December 1, 2009 for homes under contract by April 30, 2010 and closed by June 30, 2010. Do you qualify? View the following informational fliers for provisional information. See details of the program here.

More Information.The New Homebuyers Tax Credit Explained. Read pdf document online or download to your computer.

More Information.The New Homebuyers Tax Credit - Frequently Asked Questions.Read pdf document online or download to your computer.

More Information.The 2009 Homebuyers Tax Credits - Comparison of Provisions. Read pdf document online or download to your computer.

More Information.Tax Credit For First-Time Homebuyers Read pdf document online or download to your computer.

More Information.Tax Credit For Repeat Homebuyers Read pdf document online or download to your computer.

In addition, The Ohio Housing Finance Agency has developed its own tax credit bridge loan programs. With the help of OHFA you can use the Tax Credit Program to help cover closing costs, buy down interest rates, or add to minimum down payment. Ohio home buyers can use the tax credit upfront to cover all or part of their down-payment. These Ohio programs are separate from and additional to the HUD programs.

There are  many other federal, state,  and  local loan  assistance  programs  for first time buyers as well. Your RE/MAX Valley Associate will help find the right program for you. Call today.

See Also:

Download "Opportunity Knocks for Home Buyers."

Homebuyer Tax Credit: What You Need To Know

First time Home Buyers - MUST ACT BEFORE April 30, 2010 to take advantage of the  American Recovery and Reinvestment Act's $8,000 tax credit provision. 

And a new tax credit of up to $6,500 is now available for qualified move-up/repeat (existing) home buyers purchasing a principal residence before April 30, 2010. This new credit does not have to be repaid. Details here.

(Note: as of June 1, 2009, this tax credit can be monetized to cover closing costs, buy down interest rates, or add to minimum down-payment.)

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