There’s a bright spot in the economy for Nesties -- the housing crunch means prices are down 25 percent, so it’s a great time to buy. Plus, there's a new tax credit (thanks to President Obama's stimulus package) for first-time home buyers.
If you buy a new or existing home between January 1 through November 30 of this year, you could get a first-time home buyer credit of up to $8,000. You can claim this credit on either your 2008 or your 2009 federal tax return.
To qualify, the house must be your main home and you must not have owned another main home during the last three years. Unlike the 2007 tax credit, you don't have to repay this credit if you stay in the home for three years.
We know most of you are already on it; in a recent poll, 47 percent of Nesties said that they were in the market for a new home right now.
Check out our Mortgage Calculator for help with figuring out your monthly payments.
Read more real estate advice here,
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