This is the first in a series of Blogs about Living and Owning in Angel Fire. We will be covering topics including First Time Buyer Tax Credits, Demographics/Quality of Life, Schools, Business/Employment Opportunities, and more. Today we are going to address first time home buyers about the Obama Administrations First Time Buyer’s Tax Credit.
We have a large number of individuals and families who have been renting for years here in Angel Fire and the area. This Tax Credit could be just the ticket to making owners out of many of the local renters. There is also the possibility that a potential first time buyer might be interested in relocating to Angel Fire. Either way, it can be just like having cash in your pocket towards the down payment.
The American Recovery and Reinvestment Act of 2009 includes a provision that’s called the First Time Home Buyer Tax Credit. This is an actual credit of $8,000 for Buyers who purchase and close on a condo or home by December 1st, 2009.
Specifically the Buyer must be a first time buyer, and for our area, have an income ceiling of no more than $46,600 for one or two person households, or $53,590 for three or more member households. Additionally you will receive the $8,000 check, (that’s right it’s a check), from the government after all your witholding for the 2008 tax year are paid and after your purchase closes.
To help things along, Governor Richardson has started a Tax Credit Loan Program with the New Mexico Mortgage Finance Authority. This program provides buyers an interest free loan equal to 8 percent of the home’s value up to a maximum of $6,500. This gives potential buyers the cash up front, less $1,500, to use as down money at closing. The catch is that the loan must be paid in full by June 30, 2010 in order to be interest free. If paid after 6/3/2010 the loan rolls over to a second 30 year fixed rate mortgage.
Regardless, this is a great deal for first time home buyers needing the extra cash up front in order to qualify. The price ceiling for a home or condo to qualify is $237,031. Here in Angel Fire there are currently 75 homes that qualify for the program, and in Taos County there are over 110 homes listed that qualify for the program. Amazing, buy your first home and get an $8,000 check from Obama, no strings attached. If you’re a first time home buyer you owe it to yourself to look around at our listings and see if it is a good time for you to make a change. Come in and see the Eby Team to learn more, we always have the coffee on. Tomorrow our Blog series on Living and Owning in Angel Fire will continue…
Sincerely,
Kyle Eby.
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