Tax Credits for Energy Improvements
Tax Credits for Energy Improvements
Although the $8,000 tax credit has expired for first time buyers, many folks are still eligible for another home-related tax credit that's available through the end of the year. The American Recovery and Investment Act of 2009 provides homeowners with a tax credit for select energy upgrades on existing homes. Windows, doors, water heaters, insulation and other products are eligible. The tax credit is equal to 30 percent of cost of eligible product, up to $1500 for all improvements combined during 2009 and 2010. Manufacturer certification statements are required to be eligible for the tax credit. Be sure to check with your supplier for details.
The Low Cost of Financing
Home financing costs are at historic lows, making home ownership a reality for many first time buyers! Freddie Mac is reporting that the average commitment rate for a 30-year fixed rate loan is hovering around 4.97 percent as of March 2010. This is slightly below the 5.0 percent commitment rate available last year. Many experts see rate increases on the horizon, as our nation's housing markets improve and inventory stabilizes. If you are considering a home purchase or a refinance, be sure to work with a loan officer who understands your needs, has a reputation for excellence, and is able to fund your property in a timely manner. A little homework can save you thousands of dollars. Contact us today for our list of local recommended mortgage lenders.
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