Get Paid to Buy a Home in Kokomo!
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Yes, you read that right! The federal government will pay you up to $8000 to buy a home in Kokomo (or anywhere else in the US).
You can buy a new home, a re-sale home, a foreclosure, a condo or even a multi-family home where you will live. Of course, like all good things, there are some rules. So, here’s some of the “fine print”:
- First of all, the government doesn’t actually hand you the cash. You get a tax credit which for most buyers means they will get the cash when they file their income tax return.
- You must be a first-time buyer OR you must not have owned a personal residence for the past 3 years.
- The tax credit is for 10% of the purchase price of the home, up to a maximum of $8000.
- You must close on the home before December 1, 2009. That means you have to close on or before November 30!
- The money does not have to be repaid as long as you live in the home for at least 3 years.
- There are some income restrictions; but most home buyers in Kokomo don’t have to worry about them.
Note the final day you can close on a property and take advantage of the tax credit is November 30. I know that may seem like it’s a long time from now. But in reality, the way the process of buying a house works, it really isn’t that far off.
Right now it usually takes from 30 days to 60 days after you have an accepted offer to get through the loan process – inspections, the appraisal, title work, underwriting, etc.
Once people realize time is running out for the tax credit, be prepared for “traffic jams”! Realtors, lenders, inspectors, appraisers, title companies - everyone involved in the process - will be swamped. And even with the best team working with you, you may not be able to meet that November 30 deadline.
Solution for Kokomo Home Buyers…
Get out there right now! Find the house you want! Aim to have an accepted offer by October 1st at the latest with a 30-45 day closing. Then you can sit back and relax in your new home while others are scurrying around trying to find a home and beat the November 30 deadline.
Get started by calling me at 765-513-0354 or sending me an email.
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