I Wish I Was a First Time Home Buyer!
Back when I bought my first home in the late 80’s interest rates were hovering around 11%…how times have changed! First time buyers can get not only a rate around less than half that amount (5%) but with little money down AND $8000 back from the federal government. IT’S FREE MONEY!! No need to repay unless you sell within the first three years!
In a nutshell a first time buyer (or someone who has not owned a home in the last three years) 
must purchase a property for their primary residence prior to December 1, 2009. The $8000 works as a credit against your income taxes…For example if you owe the IRS $6000 in income tax they will send you a check for $2000 and erase the $6000 debt. If you are going to buy a home prior to December 1, 2009 you can take preemptive action and reduce your withholding amounts or lower your quarterly payments to benefit from the credit prior to your purchase. There are income restrictions that affect the amount you receive (if you are single and make more than $75,000 or a couple making more than $150,000)..feel free to call me for details (414-961-8314 x195) or email me at ddietz@shorewest.com.
Posted By:
Dianne Dietz-Artmann
