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Attention First Time Home Buyers!

Posted by Debbie Patton | on Tuesday, May 12th, 2009 at 2:29 pm
Category: First Time Home-Buyers.

Oklahoma Housing Finance Authority has issued a $31 million dollar bond to assist first time home buyers with down payment assistance or closing costs associated with purchasing a home! All this with a great interest rate of 5.83% the lowest rate since 2005. Plus the federal tax credit of up to $8,000 is a very exciting time for first home buyers!!

This is a rare opportunity for first home buyers! The bond money of course is first come first serve and will not last forever, funds go quickly especially since this is state wide!

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First Time Home Buyers Tax Credit

Posted by Debbie Patton | on Friday, April 17th, 2009 at 3:05 pm
Category: First Time Home-Buyers.

A recent housing bill approved by Congress allows first-time home buyers, or buyers that have not owned a home in the last three years, to claim up to an $8,000 tax credit when you purchase a home and close by November 30, 2009.

  • This credit is equivalent to 10 percent of the purchase price of the home although it is capped at $8,000 and applies only to first time home buyers and principal residences.
  • First time home buyer is defined as a person who has not owned a home during the last three years.
  • The home must be used as your primary residence.
  • The credit is based upon 10% of the sales price, not to exceed $8,000.
  • There may be a recapture clause if you sell your home within the first 3 years.
  • Income limits may reduce the amount of credit you may receive.
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