There are numerous affordable neighborhoods in Wilmington, NC and New Hanover County that are peachy perfect for first time home buyers that would like to take advantage of the $7500 tax credit. They range in price from just under $150,000 to $200,000. Just to mention a few that you might want to take a look at: Whitney Pines, Alamosa Place, Farrington Farms, Hollyfield at West Bay Estates. You can search all of these by neighborhood at www.cbbaker.com.
First Time Home Buyers Tax Credit
First time home buyers can now receive a $7500 tax credit on homes purchased on or after April 9, 2008 and before July 1, 2009. A tax credit is a direct reduction of taxes, dollar for dollar on your tax return which is different than a tax deduction. This is truly an opportunity of a lifetime, with home prices so affordable, interest rates low and a tax credit!
A first time home buyer must not have owned a residence anytime during the past 3 years. There are also income limitations involved, $75,000 for single homeowners and $150,000 for married couples. Also, homebuyers must qualify for the loan under normal income and credit qualifying tests.
So, now is truly the time to buy a home. Home prices are low, interest rates are low, and your home choices are limitless. Search for your dream now!