Lowest interest rates in decades! Time to buy is NOW!
How does the stimulus plan affect you, the first time home buyer? What if you are ready to buy a bigger home? Are you renting and want a place to call your own? Read the following article, written by Derek Beisner, a local Certified Mortgage Planner. Only 1% of all lenders in the Country are actually Certified Mortgage Planners. Derek told us that within the last week, interest rates are the lowest they have been in decades! Contact Derek, he will run the numbers for you, and you will know exactly where you stand. You will be surprised how affordable it is to own a home!
First-time home buyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Another thing to keep an eye on in the coming weeks is President Obama’s plan to help struggling borrowers before they are faced with a default on their mortgage.
According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster.
While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That’s because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.
We are here for you and will customize a search to fit your needs. There are amazing values in Orange County and we will find the right home for you!
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