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Helped by homebuyer tax credit
Helped by homebuyer tax credit
Timm and Katie Lovitt wouldn't have been able to afford their new home just a few years ago.
Location: Mountlake Terrace, Wash.
Home: 2 bedroom, 2 bath house
Price: $210,000

Timm Lovitt served in Iraq and Afghanistan before leaving the service earlier this year. Now the 27-year-old is focused on earning his master's degree in non-profit administration while his wife, Katie, works as a nurse.

Just a few years ago, the home this coupled wanted would have been beyond their means. But the 16% price drop in the Seattle area let them scoop up the property in Mountlake Terrace -- about 10 minutes north of Seattle -- for $210,000 rather than the $300,000 it would have sold for.

"A bunch of things were aligned," said Lovitt. "First, home prices came down. Then interest rates dropped. We locked in at 4.7%. The third factor was the $8,000 check."

That check was the first-time homebuyer tax credit that went into effect with President Obama's stimulus package. That program runs through the end of November and returns up to $8,000 to buyers who haven't owned a home for the past three years.

The house has the ideal location for the couple. It's midway between work and school, but is also secluded and backs up to a green belt.

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Last updated July 09 2009: 5:00 PM ET
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