Home Buyers Tax Credit - Ask Kate For Answers

home buying tips | mortgage help | how to refinance

By Leon

Home Buyers Tax Credit - Does the tax credit for first time home buyers apply to cash purchases?

Hi Kate, I have rented all my life and with today's economy I am kind of glad that I did! BUT I have a small sum of money available to me from a family trust (a little over $35,000.00) and I would like to purchase a condo or townhouse.

As a first time buyer, I wonder if the home buyers tax credit applies to me if I were to purchase a place out right? If not would it be better to seek a mortgage in the price range I am looking for, take the tax credit and then pay it off early?

Also do you have any advice on how to overcome the shadowy bidding process that surrounds acquiring a property?

Thank you so much for your time, Leon

Kate Answers: Home Buyers Tax Credit - Does the tax credit for first time home buyers apply to cash purchases?

Many who are attempting to purchase condos are experiencing the same delays and disappointments as you. Depending on the area, condo markets are hot. Values have dropped considerably and prices are equal to what would have been a 20% down payment just a few years ago. Most of the condos and townhouses are bank owned or short-sales which slows down the process.

The fact that you feel it is shadowy is shared by many. My recommendation is to use a Realtor to represent you and prepare yourself for a lengthy process. But don't give up!

Buying a house can be more affordable than renting. Discover the 7 reasons for renting versus buying a home right here on Prime-Real-Estate-Articles!

Take a moment to bookmark Home Buyers Tax Credit to your favorites so you can easily return in the future.

Leon, please come back and visit often. Help me spread the word by telling someone you know about Prime-Real-Estate-Articles. Remember, all of my information is free!

Best Wishes,

So sign up now at Prime Real Estate Article Announcements and get the real estate tips you really want!

A short note from Kate... The information I create on this website is free. Your donations make this possible. If you find this information helpful, a small donation of just $5 is welcome. I'm grateful for your support.

The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Prime-Real-Estate-Articles.com