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This may help Buyers get back out Looking
Here is a repost that was sent to me from one of my local bankers. Take a look
This could help get the buyers back out looking and buying.
Last night, the Senate added a significant homebuyer tax credit to the housing stimulus plan. Here are the key elements of the credit:
* The tax credit is for the amount of $15,000 or 10% of the purchase price (whichever is less), with the option to utilize all in one year or spread out over two years. The credit does not have to be paid back.
* The tax credit is available to all purchases of any home from date of enactment for one full year - no longer just a first time homebuyer credit.
* Able to claim the credit against the 2008 tax return
* Buyers must occupy the home for two years as their principle residence
* Includes a two year recapture provision (if they leave the home in two years they lost the credit)
* Purchases of homes by investors are ineligible
* Sunsets the previous $7,500 Housing Tax credit on the date of enactment
* The credit is not refundable. (The $7500 credit was refundable, ... more
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