Now is a great time to buy your first home in Albuquerque! Consider the following incentives:

• Tax credit: $8,000 if you purchase your home before December 1, 2009. For more information, please consult the IRS website.

• Affordability: There are many affordable homes in Albuquerque. As of September 1, 2009, there are 1,110 homes priced under $175,00 in the MLS. Your mortgage may be even lower than renting!

• Low Interest Rates: Rates are very affordable right now. With a 3% increase in the interest rates for a $150,000 home, your mortgage would increase by $300 a month and may price you out of your dream home.

• Tax breaks: Aside from the tax credit, you can also deduct your interest payments–something not available to you when renting.

• Build equity: Every mortgage payment you makes builds equity. You are investing in your future in a way that renting doesn’t.

So, ready to purchase your first home? Here’s a few things to keep in mind:

• Talk to an Albuquerque mortgage professional to find out how much house you can qualify for.

• Contact an Albuquerque REALTOR® to represent your interest and help find the best home for you.

• Make a list of features–a wish list. You may not find everything you want, but it will give you a starting point.

• Make sure you talk to your REALTOR® about home inspections and what is available.

• Contact an insurance agent before closing to make sure you have a homeowners policy in place.

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