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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8 comments:

Anonymous 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.

Cheap SEO said...

This is a good articles. I have bookmarked for future reference! Thanks

houses for sale philippines said...

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Deirdre G