All of a sudden, you’re $8,000 closer to the American Dream.

Uncle Sam, with the help of President Barack Obama, just made it easier to buy foreclosures by allowing first-time homebuyers to use an $8,000 tax credit for a down payment or other closing costs.

Best of all, the $8,000 doesn’t have to be repaid.

That’s an offer you can’t refuse. Even in a sputtering economy, the $8,000 tax credit, historically low interest rates and plenty of bargain foreclosure inventory can make your first home buying experience a reality.

But time is running out. The $8,000 tax credit ends on Dec. 1. No worries, though. With The FlipBoard, the American Dream is at your fingertips. Click the “Get Financing” tab above and declare your independence and financial freedom by using Uncle Sam’s dollars to help you buy the bargain home of your dreams!

$8,000 First-Time Homebuyer Tax Credit Q&A

When do I need to purchase to qualify? 
If you buy a home between Jan. 1 and Dec. 1 this year and close escrow during these dates, you will qualify for an $8,000 tax credit – as long as it is your primary residence and you meet the simple requirements.

How does the law define “first-time homebuyer”? 
The law defines “first-time homebuyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.

What are other requirements to qualify? 
All U.S. citizens who file taxes are eligible to participate. An income limit of $75,000 a year for individuals and $150,000 a year for joint filers also applies.

How do I apply for the credit? 
Taxpayers should use IRS Tax Form 5450 to claim the first-time homebuyer tax credit.

Does the credit have to be repaid? 
No. Unlike a similar tax credit passed in 2008, this $8,000 tax credit does not have to be repaid to the IRS.

Can I use the tax credit toward a down payment or other closing costs? 
Yes. An announcement made May 29 allows the tax credit to be used toward purchase costs of a home, including down payment in some cases. This can be done one of two ways. First, buyers using an FHA-approved lender can sell their anticipated tax credit to the lender and use the proceeds to immediately apply the tax credit to any down payment above the minimum down payment of 3.5 percent required with FHA-insured mortgages. Second, buyers who receive financing through state housing finance agencies and certain non-profits will be able to use the tax credit for their down payments via a tax credit advance loan that does not result in any cash back to the buyer.

For the past two years, the real estate industry has gone through a severe slump in the US. Despite the economic downturn and the slump in the real estate industry, San Antonio real estate has seen a considerable growth. It was resistant to all the effects of recession. While the real estate market slowed down, San Antonio maintained a steady pace. This makes us wonder how could San Antonio develop such resilience to recession and what makes the San Antonio real estate properties more desirable?

Some of the reasons that contribute to the success of the San Antonio real estate include cost of living, moderate weather and reliable economy. When the cost of living is low, the city can attract a considerable amount of interest. Especially during these times when everyone is trying to take on to a simpler lifestyle in an effort to cut down on the costs on personal expenses, living in a city with low cost of living will certainly be a great help and it will take us a long way in the road to financial freedom. San Antonio as a city with low cost of living no wonder attracts lot of people. Though the cost of living in San Antonio is lesser when compared to the other cities, it has all the facilities needed for a comfortable life. We can save a great deal of money by moving to San Antonio. We can save on our groceries bill and transportation too. Therefore, lower cost of living is a compelling factor that attracts many potential investors in real estate properties.

San Antonio also provides good employment opportunities as there are number of big companies that have their base here. For example, we can find big names such as Clear Channel Communications, AT&T, etc. As this city has a lot of free space available, the cost of real estate property too is considerably lower in San Antonio when compared to the other cities. This again gives a good reason for the real estate investors. Investors consider San Antonio highly promising in terms of bringing great returns. Soon San Antonio real estate properties too will become scarce making the property value go high.

We certainly cannot desire for more for a real estate market. If you are interested in investing your money in something that will bring good returns, then you can consider San Antonio real estate properties as the properties are still affordable here. San Antonio is not only ideal for investments, it is also a good city to move into as we noted already, we save a considerable amount of money by moving to San Antonio where the cost of living is relatively lesser.

-Bobby

Anyone? Anyone?

Realtors and real estate agents understand this trick extremely well. Do not hesitate to steal this valuable tidbit of knowledge. The secret is simply this: provide your potential clients and customers information they will need if they were to live in the dwelling you are selling them…

I guarantee you will set yourself apart from the competition if you service the needs or future needs of a homebuyer. In addition to this just being a nice thing to do, you pre-qualify individuals who are not only searching for a particular home but also amenities and services local to the property or neighborhood.

Simple, yet very powerful.  Here’s a list to get you started!   

-Richard

www.TheFlipBoard.com