The Congress has enacted a legislation providing tax credit of up to $8,000 for first-time home buyers as a way of reviving the housing market. However, like all real estate transactions time is of essence if you want to take advantage of this opportunity.
In a nut shell the tax credit bill:
•· Only pertains to first-time home buyers
•· Does not have to be repaid if the property is used as the principal residence for at least three years. This is the main difference between new and the previous bill enacted in July 2008. It is not an "interest-free loan", but a true tax credit.
•· The tax credit is equal to 10 percent of the home purchase price up to a maximum of $8,000
•· The credit is available for homes purchased between January 1, 2009 and December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
•· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
First time Home Buyers, everything has worked out to your favor. Stop making your land lord rich and build up a financial future for your self and find a place to call home by investing in your first home today!
Call me today and I will be happy to help you find your new home.
Contact Gail Caldera, Licensed Realtors® in Massachusetts and Rhode Island at 508-212-2509 to help find a home in Massachusetts (North Attleboro, Attleboro, Foxboro, Wrentham, Mansfield, Seekonk, and Rehoboth) and Rhode Island (Barrington, Providence, East Greenwich). I accept referrals.
Call me today at (508) 212 2509. Contact me by email if you prefer by clicking on email me on the right side of this page under my profile.
Disclaimer: The information provided herein is supplied by several sources and is subject to change without notice. My Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on North Attleboro Luxury Home Blog represent the opinions and ideas of the author. This is not intended as a soliciting of any listings.
Copyright © 2008 By Gail Caldera, All Rights Reserved.*Massachusetts Real Estate Market*