Tuesday, August 5, 2008

New Tax Incentive for First-Time Home Buyers

The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers. To qualify for the credit, a home must be purchased between April 9, 2008 and before July 1, 2009, and buyers must meet income restrictions. This tax credit combined with still relatively-low interest rates and house prices at a 5-year low make now a great time to enter the real estate market for the first time!

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9 comments:

thebaglady said...

The tax credit is actually an interest free loan that the homeowner has to pay back. Also people have to buy their homes within a year, and I think that's pretty sad.

Refinance Mortgage said...

Although a loan does not start out as income to the borrower, it becomes income to the borrower if the borrower is discharged of indebtedness.

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Birmingham SEO said...

there are a few projects popping up here and there, but the majority of newly built homes for sale are following many of the same old environmentally unfriendly guidelines.

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