Ken Mascia’s recent post on the Mortgage Relief Act resulted in some good questions about exactly what the new law does for home buyers. This week Ken was even featured on the front page of the Oakland Press, where he further opined on the topic. We are always delighted to see Ken’s name in the paper.
Everyone heard about the $7,500 credit, but there are some important caveats that you need to be aware of. The most significant being that the tax credit is actually a 15 year interest free loan. That means you pay it back over the course of the 15 years. Still, that’s not at all a bad deal. I would take it in a heartbeat if I were eligible. Free money for half of the life of an average mortgage is s-w-e-e-e-e-t! I promise you, you will not find a similar offer from Countrywide or Chase.
Here are a couple of super resources for direct answers to the questions you may have about the credit as a first time home buyer.
From the National Association of Realtors:
If you bought a home since April, you may be eligible for this credit. If you are thinking of buying a home, this might help to make that decision a little easier. If you know someone who is buying a first home, pass this along to them. Better yet, have them call me