I am looking For Sale Georgia Homes in Kennesaw GA, how can the Tax Credit help me? I am an investor, should I buy a house in Kennesaw Georgia?
It is well argued that the sharpest contraction in economic activity during the current recession occurred in the final quarter of last year when a massive financial shock threatened to wreck national and international economies. After pumping billions of dollars to stimulate the economy we are seeing the light at the end of the tunnel.
Positive changes in the mortgage lending standards are other factors to consider. The home mortgage market now is essentially a fixed-rate world dominated on the supply side by Fannie Mae, Freddie Mac and the FHA. Low interest rates and tax credit to first time homebuyers especially, are creating brighter expectations regarding economic conditions.
The Tax Credit is available to buyers buying their very first home Tax Credit is available to buyers who have not owned a principal residence in the last 3 years. The maximum credit amount is $8,000 The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. Single taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. The tax credit does not have to be repaid. The IRS has interpreted the law to allow unmarried co-purchasers, including investors — to buy one-to-four unit properties with the credit flowing to a co-purchaser who qualifies for the credit, and will live in one unit, while the other units are rented out. This in turn will encourage real estate investors to seek out first time home buyers because of the $8,000. FHA has revised some of their guidelines making FHA financing more attractive by allowing lenders to temporarily “lend” the tax credit to first-time homebuyers. It is more of a “bridge loan” to be used for closing fees and other expenses even for interest rate buydowns. When buyers get their tax credit checks from the IRS, they pay back the lender.
The $8,000 Tax Credit and its revisions, has certainly created a win-win situation for first-time homebuyers, investors and lenders alike. If you are currently renting or an investor that is not too sure about the stability of the market, and are looking FOR SALE GEORGIA HOMES in Kennesaw Georgia, it is only logical to take advantage of these opportunities. These programs were specifically created to stimulate the economy and so far it has been working. Why not take this opportunity and make it work for you? Before doing so, it is important to consult a Professional Real Estate Advisor. At ForSaleGeorgiaHomes.com , we consult many first-time homeowners and investors with the decision making process. Our goal is to create a positive buying experience. Click on MLS SEARCH to get a quick access to thousands of homes in Kennesaw Georgia and the surrounding Metro-Atlanta Area, at your finger tips today!
