Wednesday, September 10, 2008
There is a first time home buyer tax credit available until the end of the tax year in April 2009. If you are looking at buying a small apartment building 2-4 units you would probably be eligible for the credit on a portion of the purchase, as long as you plan to live there. You can check out the link to see if you qualify, and I would also recommend consulting with a tax professional. If you have been on the fence lately now might be the time to think about buying. Interest rates just went a little lower thanks to the Fed's bailout of FannieMae and FreddieMac. Prices are also down and will probably go lower before things pick up again. I would wait until closer to November to make a final decision as the election could have an impact of interest rates and housing prices. That still gives you several months to find something before the tax credit is gone. Please don't schedule a closing for the last possible moment because closings often get moved around and you don't want to miss out by just a few days.