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Question

Doug
Staff

Doug asked 10 months ago in Mortgage

Buying a new home

Should I wait longer to buy my first house with the recession looking like it will continue through 2009?

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Ari Weinberg
FiLife Contributor
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This is really about personal preference. If you find the right home, at the right price and the right rate, only you can make the decision.

As part of the Housing Economic Recovery Act of 2008, first time home purchases can qualify for a tax credit up to $7,500 on purchases before July 1. The "credit" must be repaid over a period of 15 years (so it's really an interest free loan).

Read the official IRA announcement here - http://www.irs.gov/newsroom/article/0,,id=186831,00.html.

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Steve Heideman
FiLife Contributor
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Ari's points are excellent. Also, I would add that housing affordability is at record levels. US homes have not been this affordable relative to personal incomes since the National Association of Realtors started tracking it in 1970


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Type Today Week Ago
15 Year Fixed 4.47% Rates_down 4.51%
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