If you are a first time homebuyer, now is the time to invest. Real estate prices are down, interest rates are low, and the $8,000 tax credit that can help you make a down payment or simply reduce home-buying expenses is still available until November 30th.
The American Recovery and Reinvestment Act of 2009 has helped many people-- this year-- purchase their first home, and The National Association of Realtors estimates that 350,000 first-time buyers will own homes thanks to the tax credit. Additionally, North Carolina homebuyers, who meet income requirements, may be eligible for a Mortgage Credit Certificate (MCC). An MCC allows you to claim 20% of the interest you pay on your mortgage as a federal income tax credit and has the potential to save you up to $2,000 a year on your federal taxes. An MCC can be combined with the $8,000 federal tax credit, but qualified buyers need to move quickly to take advantage of this opportunity because the November 30th deadline quickly approaches.
The knowledgeable staff at GreyBeard Realty wants to help you take advantage of this first-time buyers' market. Let us help you find your new home. Buyers are advised to consult with a tax professional regarding tax credits and mortgage credit certificates.