First-timer Homeowners Get free cash!
Okay, first time homeowners, now is your chance! We will be putting our lovely three+ bedroom, two and a half bath house on the market in the next few weeks and it could be yours! It will be priced around $200K which should be fine for a first time buyer with a 10-20% down payment and a $50-$70K household income with the current low interest rates around 5% for a 30 year FRM. See how much home you could afford with my handy dandy "how much" calculator. Two or three years ago our home would have been priced closer to $250K, but we are going to price it realistically for today's market.
So where does the free cash come from? Congress rather secretly passed a nice law this past year that gives a $7,500 tax credit to any first time home buyer (or one who hasn't owned a home in 3 years) as long as their AGI is under $75K for a single taxpayer, or $150K for a married couple. Originally, the $7500 was an interest free loan that was paid off in 15 years ($500/year) but now the incoming Obama administration wants to make it a free gift with no repayment required. That is quite a deal. If you have a good secure job (think public schools, healthcare, government) with a steady income and good credit now is the time to buy!
And our home is not way out in the far reaches of some overbuilt development, we are inside 270 and reasonably close to just about everything in the metropolitan St. Louis area. We loved the neighborhood and are only moving to be closer to my work, my son's new school, my daughter's new school and my mother-in-law's home. I will post more on our impending sale when it actually goes on the market. You will then be able to find it online in any big real estate site like Gundaker Coldwell Banker's site at www.cbgundaker.com. You can also go directly to the listing site of our agent, Mary Cella. We have known Mary for over 20 years and we really love her, not just as an agent but as a very personable and fun person. She is an excellent buyer or seller's agent for anybody in the mid-County area (Clayton, Ladue, Brentwood, Creve Coeur, etc.) We liked her so much, our new home is only a few blocks from her home!
So where does the free cash come from? Congress rather secretly passed a nice law this past year that gives a $7,500 tax credit to any first time home buyer (or one who hasn't owned a home in 3 years) as long as their AGI is under $75K for a single taxpayer, or $150K for a married couple. Originally, the $7500 was an interest free loan that was paid off in 15 years ($500/year) but now the incoming Obama administration wants to make it a free gift with no repayment required. That is quite a deal. If you have a good secure job (think public schools, healthcare, government) with a steady income and good credit now is the time to buy!
And our home is not way out in the far reaches of some overbuilt development, we are inside 270 and reasonably close to just about everything in the metropolitan St. Louis area. We loved the neighborhood and are only moving to be closer to my work, my son's new school, my daughter's new school and my mother-in-law's home. I will post more on our impending sale when it actually goes on the market. You will then be able to find it online in any big real estate site like Gundaker Coldwell Banker's site at www.cbgundaker.com. You can also go directly to the listing site of our agent, Mary Cella. We have known Mary for over 20 years and we really love her, not just as an agent but as a very personable and fun person. She is an excellent buyer or seller's agent for anybody in the mid-County area (Clayton, Ladue, Brentwood, Creve Coeur, etc.) We liked her so much, our new home is only a few blocks from her home!
Comments