If you are currently renting an apartment it may feel like
you’re throwing money away each month as you send a
check off to the landlord. All that money gone with really
nothing to show for it. In fact, you may have spent money
painting your apartment or otherwise improving it only to
have the landlord raise the rent! But there is an alternative,
the "American Dream," a home of your own. Obtaining
that first home is not as difficult as you might think. Lenders
are looking to give mortgages and offer different programs
designed to fit almost any need. "Uncle Sam" wants
you to invest in your future and provides tax incentives to
help make it possible. An experienced, professional Roy Wheeler
Realty Co. Agent is available to provide you with the information
you need and answer the questions you’ll have. They’ll
take you step-by-step through the entire buying process from
the day you begin searching for that perfect property, to
the moment you receive the keys to your very own front door.
In the meantime, here are some facts you should know that
may very well help you out of that apartment and into your
very own "castle."
There are mortgage plans available that help you purchase
a home with little or no money down. Also, there are new sources
of down payment money. You may use, penalty free, withdrawals
from traditional IRA or new "Roth IRS Plus" to help
with the purchase of a new home. The withdrawal may come from
buyer’s own account, spouse’s account, or a parent
or grandparent. Of course, other sources of down payment funds
remain available such as gifted money from parents and relatives.
MORE GOOD NEWS... TAX DEDUCTIONS
Buyers can deduct interest on mortgage payments.
Buyers can deduct points paid at settlement by either
buyers or sellers.
Buyers can deduct real property taxes.
Buyers can deduct mortgage interest and property taxes
on a vacation home.
Buyers can deduct moving expenses if they move because
of a new job or job transfer.
Home offices can be another source of tax deductions.
All in all, buying a home has become simpler and less costly.
So, what are you waiting for? Please feel free to contact
us for further information or a consultation without obligation.
Disclaimer: This information is believed to
be accurate but is not guaranteed. To verify this information
we recommend you check with a CPA, accountant or tax preparer.
Copyright 2007 - The Maupin Group - Roy Wheeler Realty Co.