You can't put a price on providing for your family. But when you are looking for a property to house them in, you will find resistance in the form of financial responsibility. The first time home buyer tax credit will help you afford a home that you and your family can comfortably live in and afford.
The first time home buyer tax credit currently in place is only going to last until the end of December, 2009. If you are planning on buying a home, acting fast is going to be a requirement. Sometimes the paperwork necessary in buying a home can be delayed, and if you aren't before deadline enough, you could lose your chances at obtaining the tax credit. It's unclear if the tax credit will be available in 2010.
When you go to the department store and save 10% you will probably end up saving $5 to $10 on most items. Since homes are so very expensive, the same 10% you get from the tax credit in place could save you thousands. The tax credit is limited to a total of $8,000, but obviously saving $8,000 relieves quite a burden for first time home buyers.
Not everyone will be able to obtain the tax credit. If you make too much income in a year, you won't be able to apply. If you are married the rules are a bit different, and instead of a single income the government will look at combined income. In addition, the purchase must be a first purchase for you and your spouse, if you have one, in order to qualify.
The tax credit is not a loan of any sort. Unlike the tax credit of 2008 that applied to first time home purchases, this tax credit will never have to be repaid to the government. Previously the tax credit was viewed as a loan that was devoid of interest, which was beneficial, but not to the effect of the tax credit we currently have in place.
Most types of homes are eligible for the tax credit. Even mobile homes or boat homes are able to qualify for the tax credit. If you have an odd living arrangement, you should consult an accountant, who can tell you whether or not the living arrangement counts towards the credit. The only stipulation is that you can't buy the home from a relative.
Final Thoughts
Getting a house for you and your future family is very exciting. Remember that the process can be a long one, so you should get started as soon as possible. Talk to a real estate agent and start looking at some homes in your area and find an accountant in your area.
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