Tax Credit Offered to New Home Buyers
Extended! See details

1. Who is eligible?
   • First-time homebuyers or any homebuyers who have not owned a principal residence in the last three years
2. How does it work?
   • Eligible purchasers can claim the $7,500 credit on their annual tax return form.
   • If home is sold before 15 years, the remainder of the loan will have to be repaid to the IRS upon the sale.
   • Part of the liability can be forgiven if the gain on the sale is less than the amount of the loan.

For more information on the tax credit:
http://www.federalhousingtaxcredit.com/faq.php

For more info on the proposed $15,000 tax credit, click here

New Stimulus Package Proposes Tax Credit for Home Buyers
Last week, the Senate verbally approved the Fix Housing First Act, an important amendment to their version of the Economic Stimulus Bill. The piece of legislation and the Stimulus Bill are still awaiting Senate and House negotiations, but could provide all home buyers of primary residences over the next year with a tax credit of $15,000 or 10 percent of the cost of the home, whichever is less. The credit will not need to be repaid unless the home is sold within two years of purchase. This Senate's version of the tax credit, if implemented, will replace, or "sunset" the current $7,500 credit.

The relevance of this amendment could set the housing market on a course toward recovery.

If you are not familiar with this Act, please click here for more information.


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