The Homeowner’s Stability Initiative just signed into law gives a tax credit worth $8000 or 10 % of the home’s value whichever is less to first time home buyers on their 2008 or 2009 taxes.  This is great news for those potential buyers who have been on the fence about buying their first home; and keep in mind that we have terrific rates on new loans!  This is especially great news for those of us who are in an area of the country that has a fairly stable economy!  In some areas like California this may not make up for the continual falling prices but in New Mexico our prices have been fairly stable and our area recommended by many news sources as a good place to live!

If a first time home buyer has a $10,000 down payment and gets $8000 back in tax credits, that is only $2000 out of their pocket!  Sounds like an excellent deal to me!  We can either see the glass as half full or half empty.  I prefer to see the half full glass, and I’m not participating in the doom and gloom!

So how do you capitalize on the Homeowner’s Stability Initative?  Just make a commitment to do something different!  This is what changes lives; the commitment to do so!  let me know if you’d like more informatio!

Tags: 1st time homebuyers, Add new tag, down payment, Homeowners stability initative, stimulus package, tax credit