If You Want Your $8,000 first time home buyers tax credit, you need to follow the guidelines already established.
Several States have enacted a loan program that would lend a first time home buyer upfront money they could use on their home purchase, then pay back next year when they recieve the federal tax credit. Montana isn't one of them. The Governor says that there is a risk that the user of this loan may not pay it back. Unfortunately, this has happened before (mortgage loan crisis) and even though we have very few repo's per capita here in our wonderful State, people who cannot make a home purchase without this loan from the State may not be in the best position to purchase right now.
I do have several cases of people who could qualify for a 20% down conventional loan if they had the tax credit right now, they obviously have a lot of "skin in the game" and would likely not risk their own cash.
But the stimulus tax credit is really designed to prompt the ready, willing and able first time home buyer to get out there and make a move. Come next year when they file their taxes, they will get this tax credit (if they qualify of course) and then they might use that stimulus money to make some other purchases that also stimulate the economy. It's all good!
The Quilting Realtor
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Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas Call or Text 406-698-8640 for help with all things Montana. |
