More on the $8,000.00 Tax Credit

June 17th, 2009

Increasingly I am receiving inquiries from potential home buyers regarding the $8,000.00 tax credit for ‘first time” home buyers.

Without question this credit is a great incentive for purchasers who are unsure if they are in a position to make a purchase. Often this credit is enough to put them over the edge to make the purchase. The tax credit has several restrictions the most important being that it will go away after November 30, 2009.

However, a new bill was introduced this week, HR 2801 or Home Ownership Moves the Economy (HOME) Act of 2009, which aims to make the current $8,000 first-time home buyer tax credit available to literally anyone that purchases a primary residence through the end of 2010. Click this link to learn more about whether you qualify. Also, here is a brief mention of the credit from a financial expert.

In addition the U.S. Department of Housing and Urban Development (HUD) announced that first-time homebuyers using FHA-approved lenders can now get an advance on the $8,000 tax credit created by the stimulus package and apply it toward their down payments or closing costs and not wait for a credit on their tax returns.

Now is the time to buy, reach out to me with any questions about the credit.

This entry was posted on Wednesday, June 17th, 2009 at 2:40 pm and is filed under $8,000.00 Tax Credit. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.