If you’ve been thinking of buying a home, now is the time, especially if Congress passes the First-Time Homebuyer Act, which would allow low- and middle-income earners who haven’t owned a home for at least three years to get a $15,000 tax credit when they purchase a primary residence and live there for at least four years.

Participants must make no more than 160 percent of the local median income; which for a Ukiah household is about $50,000, so the eligible household income would be about $80,000. Eligible properties must cost no more than 110 percent of the local median purchase price, which is about $500,000 in Ukiah, so eligible homes could not cost more than about $550,000. With an income of $80,000, good credit, and little to no debt, you could qualify for a loan of about $400,000 (and that’s with no down payment). If the bill passes, it would be retroactive.

Not only is this a good time to buy because of pending…

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