This might be the best time in US history for someone to buy their first home. Not only do housing prices continue to drop and interest rates hover at all-time lows, there is now an $8,000 tax credit available for first time buyers.
The guidelines for the tax credit are fairly simple:
- Members applying for the tax credit must be first time buyers or have had no ownership interest in a home for the past three years.
- The tax credit is for 10% of the purchase price of a primary residence, up to $8,000
- The tax credit must be repaid if the member moves out of the home before three years.
- A single buyer may have an income of up to $75,000 to qualify, married buyers may have a joint income of up to $150,000.
Verity Credit Union has been offering first time home loans for decades. Our seasoned employees will take the time to explain the process and guide you through the steps.
If you are considering buying your first home, please call us today at 206-361-5320.
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