Why don real estate agents know about all of the financial incentives for first time homebuyers?
I never thought I could own a home. But after I heard about Obama’s $8000 tax incentive, I began to seriously consider it. Most real estate agents know about the $8,000 credit, but many of them do not seem to know about other incentives which can be combined to provide quite an attractive package to income-eligible prospective first time homebuyers. After researching the issue, I found out the following: a $4,000 grant is available to help first time homebuyers in Illinois with the downpayment and closing costs a tax credit certificate is available that gives first time homebuyers in Illinois upwards of $2,000 a year for every year they live in their homes (that could be a potential benefit of $30,000 or more over a thirty year period!) these incentives can be combined with an FHA loan, which only requires a 3.5% downpayment While I understand that the PMI required for an FHA loan is not cheap, these incentives should be brought to the attention of first time homebuyers.
