Once in a Lifetime Opportunity for First Time Home Buyers
The headlines in the news the past six months would make most people believe the world is coming to an end. Our president figured that out this week by doing a 180 and speaking positively about the economy. After talking down the economy for two years on the campaign trail, during his time as president-elect, utilizing fear to pass a questionable stimulus plan, and an omnibus bill full of wasteful spending, Obama seems to have had an epiphany. About time. The bully pulpit is powerful.
As a result of the decline in the housing market the stimulus bill included an $8,000 tax credit for first time home buyers. Here are the rules; 1. you haven't owned a home for three years. 2. as a single person you don't earn over $75,000 a year. 3. as a couple you don't earn over $150,000. 4. you don't have to pay back the eight thousand dollars if you live in the home for three years. 5. the tax credit is based upon 10% of the purchase price, however limited to $8,000. 6. you must purchase a home by December 1, 2009 or you're out.
Add to this the recently released community grant program in Illinois that provides first time buyers with an opportunity for an additional $4,000 that can be used toward the purchase of a home. This is an opportunity that should be acted upon with haste. The funds are limited, unlike the tax credit offered by the feds. Check with a local lender for income limitations for qualification.
That's not the only reason first time buyers should proceed with due diligence. A blue ribbon panel of economists grades the president and secretary of treasury with an 'F' for failing in their handling of the economy. They don't believe the stimulus will work, and predict the greatest amount of spending in our history will lead to inflation, potentially hyper inflation.
First time buyers can buy today at interest rates holding near a fifty year low. When interest rates are increased to fight inflation, you can say good bye to 5% rates for generations (it took fifty years this time), until the trillions of dollars we must borrow for Obama to spend, is repaid.
Another reason first time buyers should move quickly is the cramming legislation congress is considering. This will give bankruptcy judges the authority to modify the amount of principal due on a mortgage so the family filing doesn't lose their home to foreclosure. This absurd legislation will cause interest rates to jump one to three percent to protect banks from massive losses ordered through the courts.
If you are a first time home buyer in Illinois you probaly have a once in a lifetime opportunity, literally. Federal tax credit, and state grants are available for a limited time. Absurd legislation, and insane government spending, both leading to higher interest rates, means you won't see these rates again for decades.
As a result of the decline in the housing market the stimulus bill included an $8,000 tax credit for first time home buyers. Here are the rules; 1. you haven't owned a home for three years. 2. as a single person you don't earn over $75,000 a year. 3. as a couple you don't earn over $150,000. 4. you don't have to pay back the eight thousand dollars if you live in the home for three years. 5. the tax credit is based upon 10% of the purchase price, however limited to $8,000. 6. you must purchase a home by December 1, 2009 or you're out.
Add to this the recently released community grant program in Illinois that provides first time buyers with an opportunity for an additional $4,000 that can be used toward the purchase of a home. This is an opportunity that should be acted upon with haste. The funds are limited, unlike the tax credit offered by the feds. Check with a local lender for income limitations for qualification.
That's not the only reason first time buyers should proceed with due diligence. A blue ribbon panel of economists grades the president and secretary of treasury with an 'F' for failing in their handling of the economy. They don't believe the stimulus will work, and predict the greatest amount of spending in our history will lead to inflation, potentially hyper inflation.
First time buyers can buy today at interest rates holding near a fifty year low. When interest rates are increased to fight inflation, you can say good bye to 5% rates for generations (it took fifty years this time), until the trillions of dollars we must borrow for Obama to spend, is repaid.
Another reason first time buyers should move quickly is the cramming legislation congress is considering. This will give bankruptcy judges the authority to modify the amount of principal due on a mortgage so the family filing doesn't lose their home to foreclosure. This absurd legislation will cause interest rates to jump one to three percent to protect banks from massive losses ordered through the courts.
If you are a first time home buyer in Illinois you probaly have a once in a lifetime opportunity, literally. Federal tax credit, and state grants are available for a limited time. Absurd legislation, and insane government spending, both leading to higher interest rates, means you won't see these rates again for decades.
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