Greetings Everyone,
As the Congress and Senate deliberated and compromised on what to keep and what to throw out the $15,000 Tax Credit got the ax. Basically, this new incentive was a new proposal to adjust the previous $7,500 Tax credit that was passed in 2008. It was also going to apply not only to New Homebuyers, but to any primary residence buyer. It would have also been a true Tax Credit and not only a 15 year interest free loan from the IRS as the $7,500 Tax Credit was. The NAR believed that the $15,000 Tax Credit would have helped sell about 500,000 homes and would help the home prices stabilize.
The new tax credit that has been agreed upon and will be up for a final vote soon, is a $8,000 Tax Credit to any New Homebuyer that has not owned a home in the last three years. It is not required to be paid back as long as the Homebuyer keeps the house as their primary residence for at least two years.
The NAR believes that this tax credit will help sell approximately 200,000 new homes and even though it's not as good as the other tax credit, it will still help stabilize home prices to a degree.
I will keep you posted as I find out of any changes regarding this important issue for our industry.
Thanks,
Andi Bytyqi, MBA
President
Metro Point Lending LLC
Office: 405.513.8610
Mobile: 405.205.7585
Fax: 877.203.0303
Andi@MetroPointLending.com
www.MetroPointLending.com
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