Pennsylvania First Time Home Buyer Assistance

Here are several great reasons to buy a home:

Quality of life – a home provides stability and security for you and your loved ones.

Pride of home ownership – it’s your personal haven and you’re your own landlord.

Historically low-interest rates – around 5.5 percent in the U.S.

Tax Credit – U.S. government provides a special $8,000 incentive for qualifying first-time buyers.

Appreciation potential – your home investment can grow in value.

Equity buildup and debt pay down – homeowners enjoy an average net worth of approximately $184,000 vs. $4,000 for renters.

Leverage – where else can you buy an investment of this magnitude with 5-10 percent down?

Tax deduction advantages – property tax and mortgage interest write-offs (in Canada, home owners gain a tax benefit upon selling).

Tax exemption – up to $500,000 per couple or $250,000 per person on sale of a primary residence in the United States (no tax upon sale in Canada).

The real cost of renting – at $800 per month, with the average 6 percent rental increase per year, you will pay $126,536 over a 10-year period but have zero ownership of the property.