$8000 Tax Credit

The buzz in the real estate community is the new tax credit that is in the planning stages for first time buyers. This is a work in progress and the details are quickly changing. I have posted a list of the current details. I will post new details as I receive them. If you are interested in taking advantage of this tax credit please give me a call and I will help you in this process!

$8000 Tax Credit for New Home Buyers

As you probably have heard, both the House and Senate have passed the Stimulus bill yesterday (with the Senate finally passing the bill just before 11:00 p.m.) . In addition, the President is scheduled to announce the Administration’s comprehensive housing recovery program next Wednesday. We believe it will focus on foreclosure relief and the modification of existing loans (delinquent and possibly current).


Tax Credit

Below is the link to the tax credit provision. (page 24)
http://thomas.loc.gov/home/h1/Recovery_Bill_Div_B.pdf

The 2008 tax credit provision has been amended as follows:

a. Tax credit is increased to $8,000

b. The income limits remain the same: ($75,000 for an individual; $150,000 for a couple).

c. First-time homebuyers and principal residences only.

d. Tax credit is available until December 1st (previously it expired on July 1st).

e. Waiver of recapture (i.e. no repayment requirement) for properties purchased in 2009 prior to December 1st. The provision is retroactive to purchases made on or after January 1, 2009. Recapture section does apply to properties sold in first three years.

f. Waiver of prohibition on financing by mortgage revenue bonds is included

New Look

I decided my website needed a new look so I hope you like it. It still has a similar layout but different header picture and color scheme. I hope you like it.

Leigh Anne