Time is Running Out for $8,000 Tax Credit
We all saw the highly debated government “Cash for Clunkers” program come and go in what seemed like the blink of an eye. While the $8,000 tax credit has been being promoted for some time now, time is starting to run out to take advantage of this opportunity to get a huge tax break on buying a home in Boise.
To qualify, you must be purchasing the home as your primary residence, and you must not have owned a home within the previous three years. So, while it’s not specifically limited to first-time buyers, it’s also not available to those who are simply upgrading from their current home to a newer purchase.
The $8,000 tax credit applies to buyers who purchase a home between January 1st and November 30th. When you factor in the time it takes to find the right property, negotiate an accepted offer, and schedule closing (typically 30 days out), time is really running short.
If you’ve been renting for awhile and have been entertaining the idea of becoming a Boise home owner, you should absolutely act now. Fall is typically a slower season for real estate, which could make the market even more generous to buyers.
Better yet, there are special programs for those who qualify, offered through IHA, that could enable you to take out a second loan – basically an advance on your tax credit – to make your down payment. This Tax Credit 2nd Loan program makes buying a home a real possibility for many first time buyers who otherwise don’t have the cash required for a down payment.
Don’t let this opportunity pass you by. I’d be happy to show you several fantastic homes in Boise real estate, and as the leading Boise foreclosure expert, I’ll show you how to get a great deal on an already great deal!