Last Friday morning,at our weekly RMS Realtor meeting, we had a panel of local mortgage brokers and real estate brokers discussing and taking questions on the new H.R. 3221. It was obvious to me that most people don't seem to know a whole lot about it! So, I've done a little research and bill give you some of the key points to know. Then, I would love to hear from you with any questions you may have. This ought to force me to get to know it pretty well!
- First-time Homebuyer Tax Credit - 10% of cost of home not to exceed $7500.
- Purchase on or after April 9th, 2008.
- Any single-family, principal residence (including condo's) are eligible.
- Reduces income tax liability for the year purchased.
- Income limit of $75,000 single and $150,000 on a joint return.
- Purchaser (and spouse) may not have owned a principal residence in the previous 3 years.
- 6.67% of credit ($500) to be repaid each year for 15 years.
- Terminates July 1st, 2009.
I look forward to hearing from you!
Lisa Murray
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