http://www.daily-journal.com/archives/dj/display.php?id=431700Nov. 25, 2008, 11:39 am
A wide selection of properties available at affordable prices, relatively low interest rates and a new federal incometax credit make this a good time for first-time buyers to consider jumping into home ownership, said Sarah Powers, president of the Kankakee County Association of Realtors.
The $7,500, first-time homebuyer tax credit is actually an interest-free loan that is paid back at a rate of $500 per year for 15 years, Powers said. The money can be particularly helpful to people considering buying a lower-priced house that needs repairs, she said.
The program is scheduled to end June 30, 2009, but the National Association of Realtors is lobbying to have the tax credit made permanent, said Mary Schaefer of the Illinois Association of Realtors. The Realtors also want the tax credit expanded so it would be available to all buyers and they would like to see the payback requirement waived, she said.