What the Recent Stimulus Package Means for the Rock Hill SC Housing Market

As you probably know by now, President Obama managed to push through a $787 billion stimulus package.  Included in this package is an $8,000 Home Buyer Tax Credit.  In a nutshell, this is what it means:

  • The tax credit is for first-time home buyers only or anyone who has not owned a home in the last 3 years.
  • The tax credit does not have to be repaid.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  • The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

My friend Geoff at New American Mortgage tells me that rates continue to be historically low and they are always more than happy to answer any additional questions you might have about buying your new house in the Rock Hill SC or Fort Mill SC area.

Straight from Geoff, here is a snapshot of the mortgage rates* from last Friday on the purchase of a new house:

Conventional

30 Year Fix Rate is 4.500%, APR 4.790% (2 pts)
30 Year Fix Rate is 4.875%, APR 4.959% (1pt)
30 Year Fix Rate is 5.500%, APR 5.629% (0pts)

FHA/VA – Government

30 Year Fix Rate is 4.625%APR 5.000% (1.5pt)
30 Year Fix Rate is 5.000%, APR 5.375% (1pt)
30 Year Fix Rate is 5.500%, APR 5.775% (0pts)

* Borrower must qualify and restrictions apply

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