firsttime home buyers: $8,000 Tax Credit for First-time Home Buyers
- 02/17/09 02:16 PM
$8,000 Tax Credit for First-time Home Buyers The first-time home buyer tax credit has been revisited with the stimulus plan that was signed in to law 02/17/2009. Gone is the $15,000 tax credit (to everyone) that was highly publicized. But, this is a great deal for the first time home buyer! They upped the previous tax credit by $500, that was due to expire at the end of June 2009. The first-time home buyer now has an $8,000 tax credit with NO REPAYMENT REQUIRED! Below is a detailed chart that is provided by the NATIONAL ASSOCIATION of REALTORS®:
For any person that was thinking of buying their First Home, but has been standing on the sidelines: This may be the perfect time. Not only will the new homeowner take advantage of extremely low mortgage rates but, will be able to deduct mortgage interest, deduct PMI and will qualify for a $7,500 tax credit! While we are still in the Winter months, the potential buyer will have significantly more negotiating power than when Spring arrives. When Spring does arrive, it will bring with it more Buyers (competition) to the market. This … (3 comments)
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