On Friday, President Obama signed into law an extension of the Tax Credit for First Time Home Buyers, and the new law includes tax credit for current homeowners! Yay!
I'm hoping that this will help those first-time home buyers and current homeowners to get off the fence and start taking advantage of these historically low interest rates.
I remember when my husband and I bought our first home in the early 80's, we were thrilled with an interest rate in the 12 or 14 percent range. What a difference to our pocket-book it would have been to be able to get a 5 percent'ish loan!
This is a terrific time to be buying or moving-up. The caveat is that you review your decision with your CPA or Financial Planner, and maybe even your lawyer. Your particular situation may dictate that you need to stay put or continue renting.
However, for those who have left homes in a lease situation to pursue jobs in other parts of the country, you now get a piece of the pie.
Summary of the Tax Credit