Now is the perfect time to buy a home or invest in real estate in the Greenville, NC – Pitt County area.

The Pistol Tingen Real Estate Team can help you locate a variety of well-priced properties, as well as direct you towards a multitude of financing options currently available. Contact us at (252) 321-6161 so we can show you that the timing is perfect and financing choices are still available!

See for yourself--take a moment and review our brief True – False Test below.  We think you’ll be surprised by the answers.

True or False 

1. “I have to have a large down payment to purchase a home.”
     False.
  There are several loans available that require little or NO Money Down Payments
2. “I have to have perfect credit to qualify for a home loan.”
     False.
  Loan programs are available for many buyers with mid range credit scores.
3. “Homes are not a good investment now.”
     False.
  The September 2008 average sales price of a single family home in Pitt County was      higher than for September 2007.

Current economic fundamentals show that this is a good time to buy a home. 

Here are the Top 4 Ways to Buy a Home Now!

1.  USDA Offers 100% Financing
     You may even be able to financing closing costs!
2.  3% Down FHA Loans
      Easy Underwriting guidelines still available!
3.  100% Veterans Loans
     Qualifed Veterans are exempt from 1st Time Homebuyers Requirements! 
4.  NC Housing with Down Payment Assistance
    
You may borrow  $7,000  for down payment and closing costs with no interest and deferred payments!  Income and sales price limits may apply.  Contact The Pistol Tingen Team for a referral to a Mortgage Specialist who can assist you.

Plus, the once-in-a-lifetime $7,500 tax credit available to many First Time Buyers, makes a home purchase today an even greater investment!

First-Time Buyer Tax Credit: A Reason to Buy Now

When you combine the tax credit with today’s continuing low interest rates, large selection of for-sale inventory, and low home prices, now is a perfect time to buy a home.

How the Tax Credit Works

The First-time Home Buyer Tax Credit was passed this year as part of the Housing and Economic Recovery Act (H.R. 3221) on July 30 and targets any individual or household that hasn’t owned a home for at least three years. Taxpayers can take the credit on their 2008 tax return if they bought their house this year after April 9.

It’s worth up to $7,500 and can be taken in a single tax year. Authorization for the credit ends July 1, 2009, so if you wait to buy in the first half of 2009, you can take the credit on your 2009 tax return.

The actual credit amount is set as a percentage of the home purchase amount. That percentage amount is 10 percent, so you can get 10 percent of the home price credited against your tax liability, up to a maximum $7,500.

Income limits are $75,000 for individuals and $150,000 for households. Individuals whose income exceeds the $75,000 limit but isn’t more than $95,000 can still take the credit but on a reduced basis. The same thing applies to households earning up to $170,000.

Any house is eligible as long as it’s a primary residence and is in the United States.

Buyers Have 15 Years to Pay Back

To help keep the program cost effective for taxpayers, the federal government requires the tax credit to be paid back in small, 6.67-percent increments over 15 years. For that reason, some analysts have likened the credit to a 15-year, interest-free loan to help make home buying affordable.

There’s one restriction on the type of financing that home buyers can use if they plan to take the credit. That restriction is on tax-exempt mortgage financing. That only applies if the home buyers are using below-market interest-rate financing from a public agency or nonprofit that’s funding the loan using proceeds from a tax-exempt mortgage-revenue bond issue. For most buyers, this won’t be an issue. It’s mainly an issue for low-income buyers using special mortgage financing.

Whether you’re thinking about buying or selling, or if you have questions about the Greenville, NC – Pitt County real estate market, please call The Pistol Tingen Team at (252) 321-6161.