First Time Home Buyers Benefits - What are they?

The coolest first time home buyers benefits out there. Discover what those are here....

Becoming a home owner is an adventure, especially since the economy has undergone such changes. Many people have had to give up their homes as mortgages became too difficult for home owners to handle.

One of the first time home buyers benefits that are available to people all over the country is the tax credit of $8,000. This is part of the plan to help stimulate the economy. Even though this is for first time buyers, it doesn't mean that you will automatically get it. You have to qualify for this benefit. You need to have an income level that is under $75,000 if you are single and $150,000 if you are married. You will also need to show that this is your first home and it will have to be purchased in the year 2009.

Another of the first time home buyers benefits is a homestead exemption. This may not be available in all states but for those that can get it will have a tax break when it comes time to pay their property taxes as well as some other great perks. Most people are not fully aware of what the homestead laws are for. They help keep a home from being sold in a forced sale when the home owner dies. The homestead laws also help to insure the spouse will have shelter. This tax credit is available as long as the home owner resides in the home and it is their first home.

If you make your first home purchase in the time frame of April 9th, 2008 to July 1st of 2009, you will qualify for an interest free government loan up to $7,500. This is great to help with your down payment or for what ever you will need to use it for when getting your new home. While this is not a free lump sum of money, it is interest free and you can take up to 15 years to pay it off.

First time home buyers benefits also include getting such loans as FHA loans. This is where your loan is insured. This is good for all parties involved as it helps to protect the lender as well as the buyer. You will see that you get better interest rates with your first home.

Buying your first home is exciting and you should make sure that you get all the benefits that are coming to you. First time home buyers benefits help people get into their first home with little to no trouble. Be sure to talk with your Realtor to insure you're getting all the benefits available to you.

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