I am still getting A LOT of questions about this and some buyers still don’t know that it exists. While I hate to beat a dead horse, I think it’s time for a refresher. There is indeed a home-buyer credit out there thanks to all that stimulus $$$$. So here are a couple facts. (Please run this by your lender and your account)
Fact: The credit comes with no strings attached, unless the home is sold again within three years.
Fact: The full amount is available for individuals with adjusted gross incomes up to $75,000, and to married taxpayers earning up to $150,000. Reduced amounts are available to individuals earning between $75,000 and $95,000 and to couples earning between $150,000 and $170,000 in adjusted gross income.
Fact: the full $8,000 credit will be paid, whether you owe that much in federal income taxes or not. If you qualify for a credit of $8,000 and you only owe $2,000 in federal taxes, the tax credit will cover your tax payment and you will receive a $6,000 refund check.
Fact: anyone who has not owned a home during the past three years is eligible, regardless of how many homes they owned previous to that time.
Fact: There are also programs that allow buyers to get the money up front to put toward down payment or closing costs, without waiting for the refund itself.
As of today rates are 5.5% for Conventional loans with 10% down payment and 5.37% for FHA with 3.5% down payment.
Just a sample of some really great places that are new to the market:
4004 Tholozan 63116: Tower Grove South: 1 bed/ 1 bath in Tower Grove South
5424 Nottingham 63109: 1 bed/ 1 bath in Southampton
2645 Pennsylvania 63118: 2 beds/1 bath in Tower Grove East
7321 Melrose 63130: 2 beds/1 baths in University Cit
3528 Kingsland Ct 63111: 3 beds/1 bath in Dutchtown
2910 Victor 63104: 3 beds/ 2.5 baths in Fox Park