Can A First Time Home Buyer Really Get Paid To Buy A Home?
Can you really get paid to buy a home? The answer is a resounding YES. And it’s legal. Before we talk about the “how” to do it, let’s look at the First Time Home Buyer Tax Credit. This credit, in a nutshell, is an actual credit of up to $8,000 from the Federal government for a home that you will occupy. The actual amount you receive may be a little different, as the credit is actually for 10% of the purchase price of the home (up to $8,000) and there are income caps for both individuals and couples. To qualify as a “First Time Home Buyer”, the purchaser must not have owned a home in the past three years, so previous home owners are not excluded. To help understand how you may get paid to buy the home, let’s look at a couple financing options. FHA – A program that was seldom used several years ago is in the headlines again. With it’s liberal qualifying requirements and 3.5% down payment, a buyer of an $80,000 home could get a loan with as little as $2,800 out of pocket assuming that the
