Tax Credits for First Time Homebuyers
For a long time now, the media has been telling us that it is a great time to buy a home; interest rates are down, inventory is high and prices continue to get lower and lower. It just got a better! The government recently came out with some changes to the First Time Homebuyers Tax Credits. "First Time Homebuyer" is defined as anyone who has not had ownership in a home during the last 3 years. They are then eligible to receive up to $8000 in a real tax credit if they close on a home between 1/1/2009 and 11/30/2009. Before 2009 these tax credits needed to be repaid over a number of years or at the time of resale. Current legislation allows for this credit to come back to the homeowner directly and is ONLY repaid if the purchaser turns around and sells the house within the first 3 years of owning it. Some restrictions do apply and you can read more about it at the two links I have provided below.
So...NOW IS THE TIME TO BUY!
Click Here: NAR Explanation of 2009 Tax Credit
Click Here: Tax Credit for 1st Time Homebuyer