How to save $8000 if you are a first time home buyer

Recession has made our lives tougher – some have lost the jobs and many are getting reduced incomes.But one thing has been made easier – buying new homes!YES.The home values have gone down and this should be the right time for people to become the first time home buyers.There is another good news for these first time home buyers – wonder what?

YOU ARE GOING TO GET $8000 TAX CREDIT IF YOU ARE BUYING THE PRINCIPAL RESIDENCE FOR THE FIRST TIME

Shocked?But this is the truth.If you are going to buy the home for the first time,you will receive a tax credit of up to $8000.For details on the full conditions,read below:

1.The buyer must be doing the purchase during the period 1st January 2009 to 31st December 2009.

2.It is not just the people getting  a new home for the very first time who can get qualified – but people who have not bought any new home during the past three years are also eligible.

3.If you have got any vacation homes then there is nothing to worry at all – these are not considered as the principal residences and thus you will be definitely qualified.

Thus this is the right time for you to buy your dream home.Getting the home loans is definitely possible during these period of recession.Remember that getting a home loan is not difficult – but you must do comparison shopping and get a lowest interest home loan – getting a low rate home loan will save thousands of dollars for you in the long run.