ourhouse101

If you are thinking about buying a home for the first time, now is your time!!! You can get an $8000 tax credit from the Federal Government if you buy your house in 2009.

Even if you have already filed your income taxes you can do an amendment to them to get your credit back to you even this year.

In Iowa we have a couple of other hefty grants for first time homebuyers, such as a local city grant for $6,000 or a state grant for $2500. You can use these in conjunction with FHA loans which is the only resource these days where you can get a home with a smallish downpayment, only 3.5% compared to 20% with conventional loans. Also under FHA you have some more leeway on your credit score.

Like Martha Stewart always says, “It’s a good thing.” Great stuff! Contact a REALTOR to help you with this!!! Susan the Realtor

PS. We also have a rule here that if you have not had a home in your name for at least 3 years you are considered to be a first time homebuyer.

Lots of ways to get into homeownership, still the very best investment you can make for your future.

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