26.5-Year Mortgages for First Time Buyers


26.5-Year Mortgages for First Time Buyers
By Scott Rogers • February 27, 2009
First time buyers who purchase before December 1 of this year will be eligible for an $8,000 tax credit. While there are many things a first time buyer could do with that money, one idea might be to apply it directly to the principal balance of the mortgage! Assuming a $150,000 purchase price, this eliminates 3.5 years of mortgage payments off of the end of your loan! Even more exciting --- those 3.5 years of mortgage payments (that you won't pay) would have cost you a total of $33,000. There are many exciting aspects of this $8,000 tax credit to first-time buyers --- if you have any questions about it, feel free to call me (540-578-0102) or e-mail me (scott@cbfunkhouser.com). This illustration assumes a $150,000 purchase price, with 97% financing at 5.25%. Contact a qualified lender for more details! Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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