Buying that first home can be daunting for the first time buyer. Luckily today there is some relief. First is the economic downturn and credit crisis which has slowed the real estate market. This is good news for first time buyers because of the big inventory of homes for sale.
This increases the affordablity of homes. Also the $8000 first time tax credit allows a first time buyer or anyone who has not owned a home in the last three years to get an $ 8000 credit on their next federal tax return filing.
MEANING that if you can get the seller to cover the closing cost, the $8000 federal tax credit will cover the downpayment assuming an FHA loan up a sales price of $ 228,571. That's a no out of pocket cost to a first time buyer (after credit is applied at tax time). A golden opportunity for a first time buyer.Also a parent can take advantage of the first time buyer tax credit if their child is occupying a home near college.
The student must have a qualifying credit score and occupy the property. We call this the "Kiddie condo" and is a great tax shelter and investment for the parent. Especially when they can rent a room or two to a roomate.
Which brings me around to 212 N 29th Street at Churh Hill. It's a charming turn of the century townhouse in great shape with a separate downstairs apartment included for just $219,900. So the upstairs owner can rent the downstairs to another student for probably $700/mo. or so.Throw in an $8000 federal tax credit and you have got a sweet deal for a parent or anyone wanting a home close to VCU Medical Center.
Call Kerry Riley for the details at (804) 432-2688 or check out at http://www.kerryriley.com
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