Find Out What You Really Qualify For When Buying Your First Home
By Jason Boone
Are you thinking about buying your first home in Bend? You’re not alone.
Now is a great time to be a first time Bend Oregon Home Buyer because, you have so many options available to you including state grants, federal programs, tax credits and lots of options which make your goal of owning a home a lot easier.
In today’s post I will break down all of the first time home buyer credits which are available to home buyers in Bend and across the country.
Understanding Tax Credits and Tax Deductions
Although many people think that tax credits and tax deductions are “interchangeable” they are not and the reality is that they both serve different purposes.
With a tax deduction you will be able to reduce your taxable income based on your specific tax bracket while a tax credit which will reduce your taxes dollar-for-dollar based on what you owe.
For example: with a $100 tax credit you will shave $100 off your taxes, while a tax deduction will only reduce your specific taxes by just $25, if you are in fall in the 25% tax bracket.
First Time Bend Oregon Home Buyers Should Utilize HUD
As a first time Bend Oregon Home Buyer you owe it to yourself to utilize any benefits which HUD offers you because, HUD makes grants to specific organizations who help first time home buyers. You can find out which organizations offer HUD grants by visiting the HUD website at www.hud.gov.
Utilize Your IRA
Did you know that you are eligible to withdraw $10,000 from your IRA without having to pay a 10% fee for early withdrawal?
Yes, this is true but, before you make an early withdrawal from your IRA make sure you meet the Federal Government’s definition of a first time home buyer.
The FED classifies a first time home buyer as someone who has not owned a primary residence in 3 years.
Tap Into Down Payment Assistance
Last of all, but most important, many states have down payment assistance programs that make buying a home little bit easier.
To learn more about Oregon’s Down Payment Assistance Programs visit the state of Oregon website at www.oregon.gov or type “Oregon Down Payment Assistance” into your search engine.
View Bend Oregon Homes for Sale
Get more Bend Oregon Home Buyer tips, or to view homes for sale across Bend contact me, Jason Boone, Principal Broker with Principal Broker at Duke Warner Realty | Skjersaa Group by clicking here to contact me through my website or calling me at (541) 383-1426.