The recent Tax Credit of the Federal Government provides great homebuying opportunities for many who before could not otherwise purchase a home.
With home values as low as they are, due to the flood of properties coming on the market as a direct result of foreclosoures, those shopping for homes now have a wonderful opportunity to purchase a home at a great price.
Not only are home prices at an unprecedented low, but so are interest rates - this last, is an added incentive to buy at this time.
The Credit itself is the major incentive for many, as there is no repayment, so long as the buyer meet certain criterion to qualify for the credit, and retains the property as their primary residence for at least 3 years. The Credit of as much as $8,000, depending on the individuals income tax situation will be in the form of a tax refund check from the IRS.
The home buyer will need to qualify as well to meet income and other requirements depending on weather they file as single or a couple, husband and wife - this will determine the amount of the loan they may qualify for. They will also need to meet lenders' guidelines for downpayment, reserves, credit and loan to value and debt to income ratios.
If they could put these together, the chances are that they could qualify to buy a great home at a great price - the opportunity is there as it hasn't been in a very long time.
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