Morrtgage Market Update - Georgia Homebuyer Tax Credit - Now Passed!

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Mortgage and Lending with Premier Capital Mortgage

 

 

On Monday, May 11th, Gov. Sonny Perdue signed into law HB 261 a tax credit from the state.  

Some highlights of HB261

        - $1,800 or 1.2% of the purchase price spread over 3years(1/3 each year)
        - For purchases between June 1 and November 30 2009
        - Do not have to be a first time homebuyer

        - For investment properties as well as owner occupied  
        - Only one credit per taxpayer
  

The tax credit is taken over a 3 year period and, unlike the federal tax credit, there is no income restriction.  The income restriction for the federal tax credit begins at $75,000 for individuals or $150,000 for married couples and then phases out.  The federal credit ends on November 30th as well. 

With up to $8000 from the federal government and now $1800 more from Georgia, coupled with the lowest home prices and interest rates in a long time - um -  this is just plain ridiculously good for buyers. 

 

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Joe Farro 
Premier Capital Mortgage


 

 

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Topic:
Home Buying
Location:
Georgia
Groups:
Realtors®
Mortgages
Tags:
tax savings
tax tips
legislation
first time home buyer tax credit
real estate legislation

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Rainmaker
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John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Joe, I suppose this adds a small incentive to the buying process; and every little bit helps.

May 16, 2009 03:08 PM #1
Ambassador
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

That's great to see that a state government is stepping up to help, and is willing to do it against state revenues.

May 16, 2009 05:46 PM #2
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Joe Farro

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