Livonia, MI (Vocus) April 23, 2010
The deadline is looming for the First-Time Home Buyer Tax Credit. If you’re a first-time home buyer and sign a purchase agreement before April 30th of this year, you’re eligible for a credit of 10% of the home’s purchase price, up to $8,000. If you already own a home and have lived in it for at least five years, you may qualify for an existing home buyer’s tax credit of up to $6,500.
Home buyers should take advantage of the lowest mortgage rates in 40 years and consider owning instead of renting. At these rates, it’s possible to spend less on a monthly mortgage payment and taxes than on rent. Combine these savings with the earnings from the tax credit, and home buyers have a financial opportunity that can’t be ignored.
There are many home loan options available for first-time and returning home buyers. Quicken Loans can help homeowners with the steps needed to meet the tax credit deadline. Our home loans give you options and flexibility, and our experienced Quicken Loans home loan experts are specially trained to help you get maximum home-buying power.
It’s important to remember that home loans take time to process, and home buyers must have a binding contract by April 30th with the purchase completed by June 30th in order to qualify for the credit. Make the most of this short time by getting pre-approved for your home loan.
Watch our first-time home buyer tax credit video on You Tube.