Great News  - Great News - Great News

A new incentive passed by the Housing and Economic Recovery Act of 2008 allows First Time Home Buyers to receive a $7,500 Tax Credit from the purchase of their new home.

• From June 1st 2008 - June 1st 2009 will be in effect. ( Can be retroactive back to April 2008 )

• Income restrictions is $75k income for Singles and $150k income for married couples.

• This is a Tax Credit and not a Tax deduction which means mostly will add to your refund money instead of just another write off.  For example, you get a 2k refund it will be 9.5k refund now :) (WOOHOO)

NOW IS THE TIME

Not only can you also write off your normal deductions with closing costs and points, now you can get a Tax Credit for first time home buyers.

All you need to do is present your Settlement HUD Statement to your CPA and the rest is magic.

BOTTOM LINE : While the Down Payment Assistance programs are in a state of BLEAK and an increase in FHA down payment to 3.5%.

Now more than ever is the TIME TO BUY while its still hot to take advantage of the Down Payment Assistance programs still and receive this amazing tax credit!!

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Just-In-Time Loans - Mortgage Needs and Advice on Time. (757-228-3668)