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The Government created a tax credit of $7500 for first time Buyers. This Tax credit expires in 6/30/09 unless extended. The fabulous rationale for said credit is that first time buyers will be more motivated to become eligible for this to buy a home. And there couldn’t be a better time. IN the next 9 months, I fully expect our market to begin the stabilization period. We do not know what interest rates will do in the future but right now, today, they’re hovering around 5% for buyers with credit scores that are the best. Please check out this link to fully understand the $7500 tax credit. Oh, by the way, FHA does allow you to receive gift money for the down payment of a home from your relatives. Their down payment requirements for FHA is approximately 3.5%. Check this link out regarding the tax credits:
