Federal Housing Tax Credit of $8000 and $6500 Expires on April 30th, 2010 – Rules, Qualifications and Facts on the Tax Credit
Posted on | April 29, 2010 | Comments Off
The Federal Housing tax credit of $8000 and $6500 expires on April 30th, 2010. Many Americans are likely searching for the rules, qualifications and facts on the tax credit. It is also likely the case that the housing market is getting flooded with first time home buyers and move up home buyers now that home prices are moderate, interest rates are low and there is a tax credit available.
It is very important to understand that buying a home is a huge financial commitment. Just because there are many incentives to buy a home at the present time does not mean it is right for you to buy a home now. It would be wise to sit down and look at the rules, qualifications and facts on the $8000 and $6500 tax credit before making any final decisions.
Most mortgage lenders are currently advertising mortgage interest rates at a very low level. Please know that not all borrowers will qualify for mortgage rates under 5%. You will need a very good credit score above 740 and a low debt to income ratio to have an opportunity to get low mortgage rates.
Author: Jeremy North