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Real Estate: Tom Kelly
The Real Estate Adviser |
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June 11, 2009
The Real Estate Adviser: First-time buyers: Know your options
By Tom Kelly
Special to the Journal
Special to the Journal
The down payment remains the deepest chuck hole on the road to home ownership. But first-time buyers and folks starting over after divorce or bankruptcy now can find more workable, flexible loan programs than any other borrower category.
“For a limited time only,” as they say on TV, first-time homebuyers are eligible for a huge bonus: an $8,000 tax credit, thanks to the recent housing stimulus package. It's called a “tax credit” but if you read all the details, even if you pay less than $8,000 in taxes, you would get credited back the difference with a check from Uncle Sam next year.
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Previous columns:
- The Real Estate Adviser: $8,000 tax credit can go for down payment, 06-04-2009
- The Real Estate Adviser: Insurance skyrockets when house is vacant, 05-28-2009
- The Real Estate Adviser: VA's streamline refinance offers an attractive option, 05-21-2009
- The Real Estate Adviser: Reserves need better explanation at closing, 05-14-2009
- The Real Estate Adviser: Reverse mortgages: New safeguards and lenders, 05-07-2009
- The Real Estate Adviser: Is it time to sell the family home?, 04-30-2009
- Tom Kelly: Converting your home to a rental gets harder, 04-23-2009
- The Real Estate Adviser: Real estate in Mexico continues to appreciate, 04-16-2009