Good news for Home Buyers!

by on June 17, 2009

The feds want to stimulate the economy via the housing market. They passed the Housing and Economic Recovery Act to try to accomplish this.

If you are a first time home buyer you can take advantage of this historic opportunity. There is a tax credit of up to $8000 if you purchase your home before November 30th, 2009. If you pay taxes this is a great benefit for you!

The credit is calculated using 10% of the purchase price up to a maximum of $8000. So if you purchase a home that is $80,000 you qualify for the full $8000.

You must stay in the house for 3 or more years. If you move in less than three years you may have to pay some of the money back.

This home must be your principal residence, not an investment or vacation home.

Last, but not least, here is the definition of a first time home buyer, ‘If you have not purchased a home three years prior to the purchase of the subject property.’

Happy Shopping!

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