$7,500 TAX CREDIT FOR FIRST TIME-BUYERS! Here are three reasons to take advantage of the $7,500 tax credit:

REASON #1 - Get the cash up front!

Buyers who purchase their first home between April 9, 2008 (yes, it is retroactive) and June 30, 2009 will be eligible for a TAX CREDIT in the amount of 10% of the home value or $7,500 whichever is less when filing 2008 or 2009 tax return.

The credit will reduce the buyer's obligation to the IRS at tax time. In the event the buyer is eligible for a tax refund, the $7,500 will be ADDED TO the ordinary refund. That means if you ordinarily receive $1,500 refund - you would receive $9,000 tax refund instead! All at once! Married couples filing separately will each receive a credit in the amount of $3,750 each.

REASON #2 - Becoming a homeowner increases tax refund for years & years!

Persons who do not own property typically do not itemize their tax return, and may file a 1040-EZ. As a homeowner, all mortgage interest & real estate is tax deductible. Because a majority of the mortgage payment (especially in early years) is mostly tax & interest - nearly the whole payment is deductible. So if a homeowner has a $1,000 house payment and earns $50,000 a year, they will now deduct $12,000 from their earnings and pay taxes on only $38,000 instead of $50,000 and realize a much larger tax refund for years & years to come. Long-term income tax savings for young buyers who take advantage of the tax credit can amount to tens of thousands of dollars over the 15-year repayment period.

REASON #3 - Building equity builds long-term financial security!

Though there is very little appreciation in today's real estate climate - it won't stay that way forever! Young buyers who buy now will realize maximum benefit of homeownership like never before. With low prices and low interest rates, payments are reasonable and comparable to rent. But when values begin to rise again, the equity built for the duration the buyer owns their first home while making a reasonable payment can amount to tens of thousands of dollars!

Therefore . . . $7,500 up front + tens of thousands in increased tax refunds + tens of thousands in equity.

Yes, the credit is repayable to the IRS in equal installments over a 15-year period, or $500 per year which will simply be taken out of future (larger) tax refunds. Isn't it smart to take $7,500 up front + tens of thousands in increased tax refunds + tens of thousands in equity in exchange?

In the event the home is sold prior to the full recapture, the balance will be due at the time of sale, except in the case where sale proceeds are not sufficient to repay the balance.

Home must be purchased by June 30! Don't miss out! Call for details BEFORE you renew your lease!