Tax Credit for Home Buyers

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What it Means to You

When you buy a home, there are many different things to think about. One of the things that many people don’t realize is that they are eligible for a tax credit as a first time foreclosure buyer. This incentive is offered to first-time buyers to encourage more people to buy houses. When there are so many great properties for sale and foreclosures in the market, it’s always easy to find something to suit your needs. Add the benefit of a tax credit to the savings that you’ll find in foreclosed home sales, and you’ll definitely wind up spending a lot less than you thought on a home.

How Much is the Tax Credit?

A tax credit of $7,500 is offered to every buyer that purchases a foreclosed home, thanks to the Foreclosure Prevention Act of 1998. If you buy foreclosures, you can guarantee that you’ll get a much better deal on a home, and save much more money in the long run. There’s always a great deal to be found with foreclosures and the tax credit just serves to sweeten the deal a little bit. When it comes to affordable home ownership, the tax credit combined with the purchase of a foreclosure is often a great way to save a lot of money.

Is Eeveryone Eligible for this Credit?

Anyone who buys a foreclosed home is eligible for the credit to be used towards the purchase of their foreclosure. This will enable you to not only save money by buying foreclosures, but it will also allow you to save even more because that’s $7,500 less coming out of your own pocket. That makes it easier than ever to get the home you’ve always wanted a price that you can finally afford. Take the time to check out foreclosures today and see if you can’t find one that you love in your neighborhood.

Why do I Get a Tax Credit for Buying Foreclosures?

The government and lenders take back homes through the foreclosure process so that they can get the money that they are owed. They don’t actually want the property. They just want their money. Until they sell the home, they don’t get that money. Therefore, they are attempting to encourage people to buy foreclosures by offering cheaper prices and the tax credit so that they can get the properties off their hands and recoup their losses. It’s really a win-win for everyone involved.

Start your 7-day trial today and get your tax credit by purchasing a foreclosure near you!