If you have bought, or are planning to buy a home, DO IT BEFORE July 1, 2009.
I have posted a previous post to this, but wanted to remind everyone in case you “forgot.” Click here to find out more.
Here’s an example of why you should take advantage of this :
Say you buy a home and take out a 30 Year Fixed Loan for $100k at 5.5%.
At year end, when you do your taxes, you’ll end up getting your tax credit of $7,500. Take that money and run… to a “non-failing” bank of course. Don’t touch it; just leave it in there. You with me so far?
Ok, so the payment on your home should be around $565. Well, take that $7,500 bucks that Uncle Sam just forked over, and use it to pay your mortgage! Easy enough, right???
Yes, you will actually have a 0% INTEREST HOME LOAN for approximately 13 months! Just like Robin Hood stole from the Rich to give to the poor, well you are essentially paying Uncle Sam back with his own money.
If you think about it, it’s an offer that you can’t refuse!