First time buyer tax credit is a very good incentive to get off the fence and buy a condo or house now.
Let's say you used to rent a two bedroom apartment in Mayfield Heights and pay $800 / month. You don't need a bigger place and you enjoy the convenience of fantastic Mayfield Heights location. You just got tired of paying your landlord and think about owning your own place.
Here is the deal. You buy a nice updated Mayfield Heights condo which is offered for just $70,000. Let's say you put 10 % down. You can go to the Mortgage center of Local-n-Global web site or any other sites which offer mortgage calculators and get an estimate for your monthly paymentsa. Based on 4.875 % interest rate for 30 yrs. fixed loan your monthly fee will be :
- Principle and interest - $333.40
- PMI - about $45
- Property taxes - about $140
- Monthly maintenance fee - $280 (heat, gas, water, sewer and building insurance included)
Total monthly payment for your OWN condominium will be a little bit less than $800 / month.
Another good news is that if you did not own Real Estate within last three years, you may be eligible for First time buyer tax credit. In case of purchase the condo in Mayfield Heights for $70,000 you will receive $7,000 in tax credit. You know how to spend another $7,000, don't you?
Why wait?
Just come to our Open House at 1390 Golden Gate Blvd. this Sunday May 3rd, between 2 pm and 3:30 pm and see if you are ready to become a homeowner and get advantage of first time buyer tax credit of 2009.
