$8,000 Tax Credit a Better Solution Than Previous $7,500 Attempt By Congress

By: Alicia Schuller, Marketing Coordinator, NHS of Baltimore

This last Monday, NHS of Baltimore attended a press conference hosted by Senator Ben Cardin's office, which focused on getting the word out about the new $8,000 tax credit available to first-time homeowners. Unlike the previous $7,500 tax credit offered by Congress, which amounted to an interest free loan that had to be paid back over time, the new tax credit will be completely forgiven once the homeowner has lived in the home for three years.

Cardin made it clear how important it is to buy a home right now, not only because it will help jump start the economy again, but because housing prices are so cheap. "We are encouraging people to take advantage of the new $8,000 tax credit, but they need to do it by November, when the provision expires," Cardin said.

NHS of Baltimore also wants to encourage first-time homeowners to consider buying now and to consider seeking lending and counseling help from a HUD certified nonprofit. We offer low interest mortgage options that are flexible on credit scores and require a low down payment. NHS of Baltimore can also help homeowners secure down payment and closing cost assistance from a grant program offered by the state. Most importantly however, we require our homeowners to successfully complete our homebuyer education course and sit down for one-on-one counseling with one of our homeownership advisers. NHS of Baltimore's goal is to empower the homeowner, so that they may achieve a lifetime of successful homeownership.

What are you waiting for? Get out there and take advantage of the new tax credit while it's available!