Florida first time home buyers have more options and opportunities than ever before.

 

Not only are market conditions favorable, the government is adding incentives to attract first-time home buyers. As part of the economic stimulus package, a tax credit worth 10 percent of the purchase price up to $8,000 is available to first-time home buyers as long as they sign on the dotted line this year. Unlike previous tax credits for first-time buyers, this one does not require repayment.

 

Home buyers must meet income requirements to be eligible for the entire credit. If you're single, you must earn $75,000 or less. Married couples must earn less than $150,000, though those who earn more can qualify for reduced credits.

 

But did you know: most of the real estate and homes for sale in Coral Springs, Fort Lauderdale, and Broward County qualify for this tax credit? Single family homes, town homes and condos, manufactured or mobile homes and even houseboats all qualify! In fact, you may qualify as a first-time home buyer as long as you have not owned a home within the past three years. This credit may be used as the down payment.

 

In addition to the one-time credit, first-time home buyers can take advantage of special programs through the Federal Housing Administration, or FHA. The FHA doesn't make mortgage loans directly, but it insures loans made by private lenders, protecting those lenders from losses.

 

With so many options out there, it is easy to become overwhelmed. Contact REALTOR® Audrey Barr Keise to learn how these opportunities can help your dreams of home ownership come true.