Colorado Home Financing Sees Stimulus

If you have Colorado home financing, say thank you to the $787 billion dollar stimulus bill that attempts to give first-time home buyers an enormous break. Home loans in Colorado are sure to see an increase in first-time home buyers thanks to this plan. If you get your Colorado home financing and buy before November, then you’ll be able to receive a tax break of either a.)10% of the home tax credit or b.) $8,000 (whichever is less). This is a dollar-to-dollar tax credit, not a decrease in your tax liability. If you end up owing $10,000 at tax-time and you receive the $8,000 credit, then you’ll only owe $2,000. It’s Simple as that. If you don’t owe anything or owe less than your credit, you’ll be paid the difference. Talk about an encouragement to get out there and get your Colorado home financing now!

When you’re searching for home loans in Colorado Springs or are considering an Aurora Co mortgage, keep in mind this tax credit is available for homes to be used as a primary residence only. Singles who earn more than $75,000/year or couples earning over $150,000/year won’t receive the same benefits, as those are the ceilings where the tax credit begins to phase out. Also, while you can find great Colorado home financing right now, plan to keep your home at least three years unless you want to repay your tax credit.

Based on the Colorado Mortgage rate, many homebuyers are already getting steals on homes in Colorado. The prices have dropped on new homes, but the older homes are really holding their value. Colorado is doing 89% better and outperforming almost all of the markets in the entire United States. This is something to keep in mind if you’re thinking about seeking Colorado home financing in the near future.