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First Time Home Buyers READ THIS!!!!
Ok as a realtor I can't tell you how HUGE this is for first time home buyers. IF you didn't already know last year there was a $7,500 tax credit if you bought your home but it was a low interest loan that had to be paid back over 15 years.
The NEW plan allows a claim of $8,000 or 10% of the home's value, whichever is less on 2008 or 2009 taxes.
Now this is limited to singles with an income of $75,000 or couples under $150,000.
You must be either a first time home buyer or not have owned a home in the past 3 years. So unfortunately it doesn't help those already in trouble.
Basic understanding is if you paid your taxes and owe $0 to uncle sam you get $8,000 back if you purchase a house this year. If you owe Uncle Sam $2,000 you'd get back $6,000 or if Uncle sam owed you $3,500 you'd get that plus the $8,000 so $11,500.
If this doesn't at least help get some potential buyers off the fence not much else will.
If anyone has any questions feel free to PM me.
Gene
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