AEM Mortgage Minute with Deanna Daughhetee

If you have been waiting for the perfect time to purchase your first home, the perfect time is now! Not only is it a buyer’s market, meaning buyers have more negotiating power and great deals can be found on homes, but interest rates are at all-time lows. Additionally, as part of the American Recovery and Reinvestment Act of 2009, Congress has approved a tax credit for up to $8,000 for first-time homebuyers!

The $8,000 home buyer tax credit was passed in an effort to help stimulate the economy and revive the housing market. Here are a few details about the credit:

• Only first-time homebuyers can qualify
• The tax credit does not have to be repaid
• The home must be purchased between January 1, 2009, and December 1, 2009
• Any type of home that will be used as a principal residence can qualify for the tax credit, including single family homes, townhouses, condominiums, mobile homes and houseboats

Don’t wait on purchasing your first home any longer. The time to act is now so you can take advantage of the many opportunities available to you!