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, but had to be paid back).
The bill is still working its way through Congress - The House of Representatives must still negotiate with the Senate, and the House bill does not contain the credit. So there may be additional changes. But this is an important step forward.
Call us for pre qualifications of your buyers before they write the offer!
Real Estate Loan Dept.
Office 608-328-4015, Fax 608-328-4083