Today is the time to make your move Baltimore First time home buyer
Baltimorehudhomes.com — Looking to buy your first home, today is the time to make your move.
Mortgage rates are at record lows. Baltimore sellers are dropping their asking prices in addition to a extraordinary tax credit can actually sweeten the deal.
When Congress approved the stimulus bill in February, they incorporated a federal tax credit of up to $8,000 for Baltimore first time home buyers. For a lot of buyers, that credit can fundamentally take care of your down payment.
Today is the time to make your move Baltimore First time home buyer
Donna T Deans attended to buy a Baltimore home in the Canton neighborhood two years ago; she got dishearten and gave up. Homes prices in Canton were too high. Competition made it even worse.
However this time around she’s thrilled. She’s discovered a lot more alternatives within her budget.
I do feel right now you get to a large extent better value for your money than you did a couple years ago, and there’s a tax encouragement on top of it,” she said.
The tax enticement means once Donna buys a home, she’ll get$8,000 compensation from the IRS when she files her federal taxes.
With a down payment requirement of only 3.5%, Donna says it’s like receiving her down payment for free.
It’ll in actuality help me. My down payment that I’ll have to put down for one of the homes I’ll be buying is ‘gonna be my tax return, so it’s almost like zero balance on that,” Donna said.
A number of lenders will even give you the refund up front, so you don’t have to wait.
The credit is only available to buyers who have not owned a Baltimore home in the last 3 years. The maximum income for single buyers is $75,000. The maximum income for married couples is $150,000. The Baltimore home must be your principal dwelling and the credit must be repaid if you sell your Baltimore home within 3 years.
With more Baltimore first time buyers taking advantage of this buyer’s market, it’s best to have your mortgage pre- approval ready to go especially since many banks are still making it hard to get a loan.
It helped me to be with a mortgage broker that can say, ‘Here’s what you ought to be looking at and here’s what you can afford and this is what you can look forward to in terms of payments every month.’ And for me it’s essentially what I’m paying in rent right now,” said Donna.
Remax Agent Newcomb says whether its your first home or your third, if you’re genuine about buying, you must be ready with financing.
Folks normally come to us not being prepared, however we aim to not start the search until they are ready, qualified, have all their documents in to the lenders, explained Newcomb.
Realtor say the tax credit for first time buyers is helping to stimulate the entire Baltimore housing market.
If Donna were to buy this place, these guys would be able to move on to their new house wherever it is, and where they’re moving, also the builder’s going to be able to get that house off the inventory and clear his books, or maybe the seller they’re buying from can move on to the next place, Newcomb said. Everybody’s freed up to move on to the next chapter in their life.
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Posted by Carlos Sagastume on May 6, 2009. Filed under HUD Homes.
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May 8, 2009 - 2:41 pm
People buying their first primary home in at least 3 years are really in for a treat, not just over there in Baltimore but for the rest of the nation as well. The First Time Home Buyer Tax Credit is the perfect incentive for people to invest in a new home.