News Flash – Keep That Tax Credit

Last August we reported on the $7500 tax credit available to first time home buyers.

Now, the $790 billion stimulus package hammered out by House and Senate conferees late last night will increase the home buyer tax credit to $8,000, from $7,500, and drops the repayment feature for buyers who hold on to their property for at least three years.

The legislation also extends the effective date of the credit to December 1 from June 30, and extends eligibility to borrowers who buy their home with the help of state or local financial assistance that comes from the proceeds of tax-exempt mortgage revenue bonds.

The credit remains open only to first-time buyers (those who haven’t owned in at least three years) and some income eligibility restrictions apply, but those are unchanged from the existing program.

If you’re a first time buyer, this is great news and just one more reason to buy. You may never have it this good again.

UPDATE: This government offer expires December 1st 2009! For more info call 407-290-3408.

See also our latest post at the Orlando Real Estate Pros Blog.

3 thoughts to “News Flash – Keep That Tax Credit”

  1. That tax credit is great. My clients are amending last year’s returns and taking advantage of it this year. It basically credits them back their downpayment. And rates are amazingly low right now!

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