On Wednesday, July 30, 2008, President Bush signed into law:

The Housing and Economic Recovery Act of 2008, which:

1. authorizes the Department of the Treasury to purchase obligations of housing Government Sponsored Enterprises (GSEs);
2. reforms the regulatory supervision of the housing GSEs;
3. provides reform of the Federal Housing Administration;
4. provides homeownership assistance and reforms to mitigate recent increases in foreclosures;
5. and contains housing-related tax incentives and other tax provisions.

according to the official White House web site:  http://www.whitehouse.gov/news/releases/2008/07/20080730.html

How does this benefit the First Time Home Buyer???

The primary focus of the housing bill is a temporary, $7,500 first-time home buyer tax credit for the purchase of any home. The tax credit can be used for homes purchased between April 9, 2008 and July 1, 2009 - a date that was extended from April of 2009 due to the campaining of the National Association of Home Builders. This tax credit is expected to provide significant, albiet temporary, incentive and opportunity for the the first time home buyers.

To discuss this $7500 incentive, as well as other financial advantages available to First Time Home Buyers in Delaware, contact John Luca and his team of specialists at 302-999-6966 and start shopping for your next home using our top-tech search tools at www.TriStateTeam.com

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