The House has passed a bill that will likely become law within the week. It’s a bill that no one wants to stand in the way of so it’s pretty much a done deal. How will this help the first time home buyer in the Kansas City area? Well, if you;
- Are a first time home buyer
- Have purchased or will purchase a home between April 9, 2008 and July 1, 2009
- Have individual income of less than $75,000 or as a couple earn less than $150,000
If you meet those 3 standards you are eligible for a $7,500 tax credit.
Now, you will be expected to pay that back over the course of the next 15 years interest free. So it’s not free money. But it’s discounted money. If inflation ends up being 5% this year, well…hopefully you get the picture. I’ll work out the math for you a little later today but you will be saving hundreds and possible a couple thousand in interest over the course of that 15 years.
(Further details will be announced as I dig deeper into this Housing Rescue Bill.)
So if you are a first time home buyer and looking to purchase a home in the Kansas City area you need to contact me today. Regardless of where you are looking be it Olathe, Overland Park, Blue Springs, Lee’s Summit, Shawnee or a host of other suburban cities or Kansas City. If I am not knowledgeable about the area of town you are looking I’ll hook you up with someone who is.
With a FHA loan, 3% of the purchase price and good credit this makes it easier and more economically feasible to be a first time home buyer than ever before!