Recently, news was announced that some time this spring a one time refundable tax credit or bonus will be made available to first time home buyers see this here.
According to mortgage experts, this will spur potential buyers to go ahead and buy their first condo or home. Properties for sale Vancouver and homes for sale Vancouver will be included in the bonus.
The ten thousand dollar bonus is a great way to make people get into the market. If they were just thinking about it, this could help be the deciding factor.
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This means that the required down payment might be able to be borrowed from family or from a line of credit and then be immediately re-payed. This is obviously a very attractive development.
Realtors Vancouver and Vancouver realtor groups also suggest that one could apply the ten thousand dollar bonus directly to the mortgage. Of course you would have to check with your financial institution to ensure there aren’t any penalties for extra payments.
Generally, a two hundred thousand dollar mortgage requires a ten thousand dollar down payment. A person would qualify for the full ten thousand dollar bonus on this mortgage.
The bonus is based upon the buyers net income. With higher incomes the bonus will be reduced.
For instance, for a single person earning above $150,000, the bonus will be reduced by 20 cents for every dollar over that amount. For a couple, ten cents for every dollar will be reduced for a net income above $150,000.
For single people earning over $200,000 there will be no bonus and for couples this applies when the net combined income is $250,000 or more, this may vary, so we recommend constantly contacting a company like the Lowcountry real estate company to keep up to date!
Homes for sale Vancouver and condos for sale Vancouver should see a boost in people seeking out this opportunity. Application forms should be available as soon as the legislation is officially passed.
The bonus is scheduled to end March 31st 2013 when the HST is replaced by the goods and services tax again.
Selling a house might be even a bigger challenge than buying one. If you wish to sell your house in Greater Houston Area fast for cash, contact Haan Homes for details.
Source: These Guys Buy.