First time buyers who purchase before December 1 of this year will be eligible for an $8,000 tax credit.  While there are many things a first time buyer could do with that money, one idea might be to apply it directly to the principal balance of the mortgage!

Assuming a $150,000 purchase price, this eliminates 3.5 years of mortgage payments off of the end of your loan!  Even more exciting --- those 3.5 years of mortgage payments (that you won't pay) would have cost you a total of $33,000.

There are many exciting aspects of this $8,000 tax credit to first-time buyers --- if you have any questions about it, feel free to call me (540-578-0102) or e-mail me (scott@cbfunkhouser.com).

This illustration assumes a $150,000 purchase price, with 97% financing at 5.25%. 
Contact a qualified lender for more details!