A recent update from The National Association of REALTORS® has informed us that there are welcomed changes coming to the First Time Buyer Tax Credit Program.
The newly developed $787 Billion Stimulus Package increases the home buyer tax credit from $7500 to $8000...But, that's not all... It also eliminates the repayment requirement for buyers who keep the property longer than 3 years... The 3 year requirement will help protect against the tax credit being used by speculators.
What makes you a first time home buyer & eligible for the tax credit? First, you must not have owned a home within te past 3 years. Second, you must meet the income eligibility restrictions (which have not changed from the current program).
The current program would have only been effective through June 30th. The new legislation will push this effective date to December 1, 2009.
Broker/Owner - ABR, AHWD, E-PRO, GRI, SRES, REALTOR®. Whatever your residential real estate needs may be, Lane Rogers is dedicated to providing quality information and exceptional service.
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