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For every .50 percent drop in mortgage prices the monthly cost of owning a home decreases by $31.00 per $100,000 borrowed. On a $500,000 mortgage, the savings would be $445.00 per month. Another benefit to lower rates is the home buyer can qualify for a more expensive home and a larger mortgage. In addition to the drop in home prices and mortgage rates, the government is also making housing more affordable by giving first time home buyers a tax credit of $8,000 if you buy a home between January 1, 2009 and December 1, 2009. If you are eligible for the program, you can claim 10 percent of the price of their home, up to an $8,000 maximum, against your 2008 federal tax returns due this year, or your 2009 federal tax returns due next year. The credit begins to phase out at a modified adjusted gross income of more than $75,000, or $150,000 for joint filers.Unlike last year’s tax credit, this credit does not have to be paid back. |
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