If you have been on the fence about buying a house, like me, the government is offering some incentive to get out and buy. If you are a first-time home buyer and purchase a home anytime in 2009 before the end of November, you may be eligible for an $8,000 tax credit! A first-time home buyer is defined as someone who has not owned a home during the past three years. The best thing about this program is that it is a CREDIT–you don’t have to pay it back!
There are plenty of ways you can put the credit to use. While you don’t get the credit right away to use as part of your down-payment, you can save it and use to help pay your monthly mortgage. This can help if you want to buy a home that is priced a little higher than you want to spend.
You can use the eight thousand to buy new furniture and appliances for your home. I’ve been using the same hand-me-down items for the last several years and am looking forward to having something nice for my new home. Who knows, I may even use a little of the credit on a fun vacation and do my part to help stimulate the economy.
For more information on the First-Time Home Buyer Tax Credit go to