This is great information for consumers and for Real Estate professionals to pass on to their clients. It would be a great reason to give past clients a call, and move those procrastinanting to make a decision sooner than later.
I have spent alot of time talking about the changes in the financing options avail. to our clients in the negative, so I wanted to share some of the positives too.
I have just recieved notice today that those who purchased a home after 4/9/2008 and up to 7/1/2009, that are first time buyers or haven't owned a home in 3 yrs or mor, may quailfy for up to 7500.00 in tax credits!
It's limits are 150k income for married couples and 75k for singels. The tax credit is really an interst free loan of sorts since it must be "paid back' over 15 years in increments of 500.00/yr starting on the 2nd year after they buy. If it's sold before the 15 yrs are up, then the remanider of the credit is recaptured at that time.
The tax credit could reduce your income tax liability for 2008.
So, check it out with a tax professional and see if you qualify!
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