Many of you have probably heard about a new tax credit for first-time homebuyers that is a part of the economic stimulus package the government is proposing. Unlike last year's attempt which was really a no interest second mortgage. This one is truly a tax credit. Even if you owned a home in the past, you still might qualify. To help you understand it a little better, here is what the National Association of REALTORs (NAR) is reporting.
"Homebuyer Tax Credit– The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser."
To further clarify this program, you can download a list of Frequently Asked Questions by clicking on the following link: Download Tax Credit Questions & Answers
You can also download an Adobe presentation that the NAR has done to help explain this proposed program. Just click here to see it: Download NAR Tax Credit Presentation
Most qualified lenders and tax accountants can also counsel you about this program and its benefits. If you like, you can visit my webage at: www.jelwell.century21bnr.com and click on the Financing Providers menu button.
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