Got $2,500? Buy a House

Rock-bottom interest rates and an $8,000 tax credit make a home possible for many first-time buyers — with no trick mortgages or financial gymnastics required.

With that tax incentive, average credit and less than $2,500 in savings, it's possible to buy a $150,000 starter home for about $1,000 a month, taxes and insurance included.

Most people who want to buy are stuck with a home to unload first. First-time buyers don't have that problem. But many don't have the down payment money either.

The $8,000 federal tax credit solves that.  It is literally a gift: All you need to do is buy a first home for $80,000 or more to receive a 10% — to a maximum of $8,000 — rebate from the government, even if you had no taxes withheld.

The government is even letting homebuyers with Federal Housing Administration (FHA) mortgages borrow against the tax credit right now — it's called a bridge loan — and then repay it at tax time.

There are several items you must meet in order to qualify, but it's not complicated.

A triple play like this one probably won't happen again in your lifetime:

    * Money's cheaper than dirt.

    * Home prices have been knocked back to 2003 levels.

    * The federal government wants to pay you up to $8,000 for buying a house.

Talk to us, or any qualified lending professional, about your options for buying a house now. There really may never be another chance like this in your lifetime.