Firstly, if you are worried about coming up with the down payment to buy your new home, the government will help you pay for it. You will not have to come up with the full 10 percent on your own.
Secondly, the Obama government is lowering home interest rates for you. Interest is always a huge consideration when you finance your home but with the federal government slashing the rate by a couple of percentage points, the financial burden becomes much easier to manage.
Thirdly, you can receive a tax credit of 10 percent of the purchase price of your home (up to $8,000) on your tax return. This is a dollar by dollar reduction in taxes you owe or increase in your tax refund. You do not have to pay this money back unless your home ceases to be your primary residence in the three years following your purchase. Some restrictions and conditions do apply but this is still a great deal if you qualify.
If you act now, you can potentially save thousands of dollars because President Obama and the federal government want to kick-start the housing market. Opportunities such as this are hard to come by so make sure you take advantage of it while it lasts to fulfill you dream of having your own home.
