The stimulus package includes a revison to the credit given to first time home buyers. All of the changes are good!
1. The amount of the credit is 10% of the cost of the home with the maximum now $8000.
2. Applies to purchases of principal residence which close between January 1 and December 31 of 2009. All principal residences eligible: houses, townhouses, condos and co-ops.
3. Major change: No repayment required! If house is sold within three years of purchase, the amount is recaptured upon sale.
4. Buyers who take advantage of state grants can also take tax credit.
5. All revisions effective January 1, 2009.
So if you are thinking about buying, this year is a great time to act. Call me with any questions. I'll be happy to help you find a home in New Jersey where you may also be able to get a Smart Growth Grant from the state.
Veronica "Bonnie" DeCarolis