There's never been a better time to buy your first home. Congress has passed the Housing and Recovery Act of 2008. The big news for you is this act provides for a possible tax credit up to $7500 for first-time home buyers purchasing homes priced at $75,000 or greater*. The tax credit is paid back to the federal government interest-free over a period of 15 years.
There is a bank that wants to help as well. Now for a limited time, they will match 10% of your customers' allowable tax credit, up to $750, and apply the amount towards their closing costs. Together that could total over $8,000 towards your first home. This lender calls it the Stimulus Plus Mortgage.
For details on 2008 Housing and Economic Recovery Act tax credit visit:www.federalhousingtaxcredit.com.
*Tax credit equal to 10% of the purchase price up to a maximum of $7,500. Contact your tax advisor for specific details and tax advice.