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The Real Estate Adviser |
June 11, 2009
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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