This week an historic economic package proposed by President Obama and negotiated by Congress was signed into law. Piled high with provisions, there were several which impacted real estate and for this specific blog posting the target focus is the provision for first time home buyers.
Here it is:
***Housing help for for First Time Homebuyers such that they can get up to a tax credit of 10% of the value of their new home up to a maximum credit of $8,000 if they close by November 30, 2009. This credit does NOT have to be paid back if you own the home three years. It phases out for single taxpayers making over $75,000 and for married couples filing jointly making over $150,000 (adjusted gross income). First time homebuyers are defined as those who haven't owned a house for at least three years.***
This should be a great boost.
If you are looking to purchase a home, please contact me on my direct line 7 days a week at 802.238.5256. With inventories up, this is a great time to be looking for a home. I would be delighted to help you find just the right first home.