H. R. 3221 - FIRST TIME HOME BUYER'S TAX CREDIT

By
Real Estate Agent with Berkshire Hathaway GA Prop

Now is the time to buy for First-Time Buyers. Opportunity only knocks once; and, if you have been waiting, now is the time to act because time will run out!

For first time home buyers who thought owning a home was only a dream, the recently enacted legislation, H.R. 3221, also known as the Housing and Economic Recovery Act of 2008, will provide a tax credit of 10% of the home cost, but not to exceed $7,500 which could now make your dream a reality. H.R. 3221 also includes reform of Fannie Mae and Freddie Mac, FHA modernization,  with permanent increases in conforming and FHA loan limits

If you are a buyer who has been sitting on the sidelines trying to decide if the time is right...The answer is a resounding "YES!!!!!" You will definitely want to take advantage of this opportunity! And, keep in mind, time is of the essence: You must make your purchase on or after April 9, 2008 and no later than July 1, 2009 to be eligible. 

The table below provides a recap of  H.R. 3221 - Housing and Economic Recovery Act of 2008:

    FIRST TIME HOME BUYER'S TAX CREDIT
(Housing and Economic Recovery Act of 2008)
                        H. R. 3221 (Recap)
          

Feature Housing & Economic Recovery Act of 2008
Amount of Credit 10% of cost of home, not to exceed $7500
Eligible Property Single family - must be principle residence (includes condos, co-ops)
Refundable Yes. Reduces income tax liability for one year of purchase. Claimed on tax return for that tax year.
Income Limit Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000 respectively)
First-Time Home Buyers Only Yes. Purchaser (and spouse) may not have owned a principal residence in 3 years previous to purchase.
Recapture Yes. 6.67% to be repaid each year for 15 years. If the home is sold before 15 years, the remainder of credited is recaptured on the sale.
Effective Date Purchases on or after April 8, 2008

Termination

July 1, 2009
Down Payment Assistance Program DOES ALLOW down payment assistance pgorams funded by other sources with the exception of sellers and those who have a financial interest in the sale. This assistance can come from family members, approved grants and a variety of other sources all of which are subject to lender approval and proper verification. Certain seller assistance programs that are allowable now will terminate October 1, 2008

Information is believed accurate, but not guaranteed. Please verify with your lender.

 **H. R. 3221 - Frequently Asked Questions...Answered
**U. S. Senate Roll Call Votes 110th Congress, 2nd SessionVOTE SUMMARY (By Senator Name)
**U.S. Senate Roll Call Votes 110th Congress, 2nd Session - VOTE SUMMARY (By State) 


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Janice Slaven

Suwanee Georgia Real Estate
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