You might have read the headline and thought, oh no! This is another one of those funky loans that change over time. Nope. It’s not a special loan, it’s another way to think about the $8,000 tax credit. If you take a $125,000 home’s payment of roughly $750.00 a month at 6% interest rate (fixed for 30 year) then take the $8,000 over the first year to help pay the mortgage, you have what amounts to about $100 a month for the first year.
All this time I have been telling people to use the $8,000 for furniture, repair or other items. It could also help you pay the mortgage!
Requirements for the $8,000
- Must not have owned a home in the last 3 years
- Must be UNDER CONTRACT by October
- Must CLOSE by Dec 1, 2009
Contact me today! To get started.
OH and don’t forget that in Georgia, you get an additional $1,800 tax credit – it works a bit differently, but it’s money you didn’t plan on.
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