Purchase a Home: Buy a Home Now and get a Small Mortgage Rate with a Big Tax Credit.

There’s never been a better time to buy a home. Fixed mortgage rates dipped below 5 percent yesterday. A 30 year fixed mortgage can be obtained as low as 4.875 percent with zero buy down points. On a 200,000 mortgage that’s a payment of 1,058.42 principal and interest with the security of a 30 year fixed mortgage.

Do you need more incentive to Purchase a Home? Historical Low Rates Not Enough?

HOME (Home Ownership Moves the Economy) makes an up to $8,000 tax credit available to anybody who hasn’t bought a home in the past 3 years with a few income restrictions. This tax credit is set to expire on December 1st, 2008. HOME is credited for boosting home sales reported up month over month for the past 5 months.

Want to Buy a Home but Don’t Qualify for a Tax Credit? New Legislation May Open the Tax Credit to Everyone.

I wrote a month ago that the Obama administration might attempt to emulate cash for clunker’s success in the housing sector. The government has drawn up legislation to open this program up to everyone and extend it into 2010. The rationale put forward by the real estate industry as to why congress should extend the tax credit is that the extension would boost home sales and jobs tremendously. Economists say in a recovery the first thing to bounce back is the auto industry followed by real estate

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