How about a “free” $7,500 to help buy a new home? According to a Star-Bulletin article dated July 31, 2008, the government will be offering a tax refund for buyers worth 10% of the value of the home as part of a general housing package. Well, it is not totally free (It’s actually a 15-year interest-free loan), but it effectively knocks $7500 off of the downpayment, making home purchases possible for . And, if you don’t pay $7,500 in taxes, it creates a refund.
Without getting into a discussion about whether this is a smart move or not for the country, you can’t deny it is a good deal for first time home buyers. Anytime you can get $7,500 contributed to your down payment, it has to help. It just may be enough to get new home buyers off the fence.
Another thing to note is that interest rates responded to this move by dropping a small amount. Low interest rates plus the tax credit make this a very cheap time to buy property.
If you’re a first time homebuyer in hawaii, Prudential Locations’ agents are experts, and can help guide your through the process! Call us at 1-866-MLS-2345 or 808-377-4642 for more info.
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