We’ve all been excited about the possibility of the government increasing the current $7,500 tax credit for first time home buyers to $15,000. Well, things have changed a little...
Congress has just passed the American Recovery and Reinvestment Act of 2009, known as the new Stimulus Bill, with some modifications to the original proposal and the president is expected to sign it into law on President’s Day.
The tax credit in the Stimulus bill has been scaled down to $8,000 from it’s previous levels of $15,000 or 10% of the value of the home for any first time home buyer who purchases homes from January 1, 2009 until the end of November. Unfortunately, only first time buyers will be eligible. It starts fazing out for couples with incomes over $150,000 and single filers with income over $75,000. Buyers won’t have to repay the credit UNLESS selling the property within the first three years. Not Bad, considering that most first time buyers will live in their property for 5 – 7 years before moving.
On Your Team,
Maria
www.MortgageMinutesAndMore.com
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