Key Facts About the First-Time Buyer Tax Credit The $7,500 home ownership tax credit that the federal government created earlier this year as part of the Housing and Economic Recovery Act (H.R. 3221) is opportunity to encourage buyers to jump off the fence and get into the real estate market!!! When you combine the tax credit with today’s low interest rates, wide selection of for-sale inventory, and affordable home prices, many of the pieces are in place for you to buy now. But tax credits can be confusing. To help you understand how the cre
dit works and why it would help, y
ou must learn the details. Here are 6 things you should know:
- 1. Buyers have until July 2009 to make a purchase that qualifies.
- 2. Buyers don't really have to be "first-timers."
- 3. Even if buyers exceed the income limit, they can benefit from the credit.
- 4. Think of it as an interest-free loan.
- 5. You don't have to be authorized before making a home purchase.
- 6. New-home construction qualifies.
. “Housing has always lifted the economy out of downturns, and it is imperative to get the housing market moving forward as quickly as possible,” said NAR President Richard F. Gaylord. “It is vital to the economy that Congress take specific actions to boost the confidence of potential home buyers in the housing market and make it easier for qualified buyers to get safe and affordable mortgage loans.
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