Buying your first home in Fishers or elsewhere in the country just got $500 better than the current credit in place, albeit $7,000 worse than the original proposed credit a week ago. The Economic Stimulus package that passed in the House (246 to 183) last week and then in the Senate (60-38) was signed into law on Tuesday. The best synopsis of the difference between the previous $7,500 credit and the new $8,000 credit is provided by the National Association of Realtors (NAR).
The gist of the bill as it related to buying a home in 2009 appear to be:
- Tax Credit is $8,000
- If does not have to be repaid if you live in the home for three years
- Full credit limited to couples making less than $150,000; individuals making less than $75,000
- Only applies to first time homebuyers
- It applies to a home purchased from 1/1/09 through 11/30/09.
What does this mean for a Fishers Home Buyer? It means that rates are still low, inventory's are still high, sellers are motivated, and it is a great time to buy. I personally think the best part of the revision is that you do not have to pay the $8,000 back as long as you stay in the home three years. What a great incentive to buy your first home!
Remember that we hold 1st Time Home Buying Classes every month on the last Saturday; check out our registration page on our Fishers Real Estate Website.
Cindy "in Indy" Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775
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