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How the Government helps you own your San Diego home
You've heard it for years...buy a home and save money on
taxes. Now, we're not tax experts, but here's our
understanding of the basics benefits of owning a home in San
Diego County. Up
until now, you've probably been limited to taking the
standard deduction. The government (State and Federal) lets
you itemize your deductions and write off the interest you
pay on your home loan and the property taxes too. For most
folks, this brings massive savings on their income tax bill.
When it's time to sell, most people avoid paying taxes on
the profit. Currently, that's up to $250,000 (single) or
$500,000 (couple) 100% tax-free!
Government Down-Payment Assistance and First-Time
Homeowner programs
The government realizes how home ownership benefits you
and me. Right now, there are many programs available to help
first-time homebuyers in San Diego achieve the dream of home ownership.
Common Guidelines For 1st-Time Homebuyer Programs
- Income – You need to show enough income to
pay the mortgage and still meet your other bills. Some
programs have income limits.
- First-Time Home Owner – For some programs you
must be a first-time homebuyer. Good News: if you
haven’t owned a home for 3 years you re-qualify as a
first-time homeowner.
- Credit – While many programs allow you some
credit “glitches,” most require good credit. Good News:
One government program lets you substitute other sources
to show how well you pay your bills.
- Down-Payment and Closing Costs – There are
programs available with zero down payment and even some
that actually pay your closing costs. Some have a higher
interest rate. Click Here for more information on buying
your home with Zero-Down.
Want to research it for yourself? Here are some local
government resources
California Cities
www.hud.gov/local/ca/homeownership/prgmscity.cfm
California Counties
www.hud.gov/local/ca/homeownership/prgmscounty.cfm
Free Homebuyer Seminars
 Buying a home is a big investment with many traps for the
uninformed and many benefits for those in the know. This
free informative seminar is designed to help you understand.
For more information on upcoming seminars and to register go
to:
FREE
HOME BUYING SEMINARS
Before you buy a San Diego Condo - download this
Free Report on Condominium Ownership
Created by the California Dept. of Real Estate.
Free Buy vs. Rent Analysis
Have a 30-minute in-office or phone consultation with one
of our professional Realtors® to help you decide if now is
the right time to buy. If not, we'll help you with our Free
“Future Home Owner’s Package” with tools designed to help
you achieve the dream of Home Ownership.
Rental List
Still not convinced that buying a home in San Diego is right for you? Click
Here to try
our San Diego rental research page to find an affordable San
Diego apartment for
your next move. |
