Mobile Realtyreality

From the Web site www.federalhousingtaxcredit.com,

Congress has enacted a bigger and better home buyer tax credit for 2009. A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

$8,000 Home Buyer Tax Credit at a Glance

• The tax credit is for first-time home buyers only.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

For more information, visit the web site: Federal Housing Tax Credit for First-Time Home Buyers: Home.

It will be interesting to see how this will seriously impact the Real Estate market. But it is encouraging news for first time buyers who may otherwise not be able to purchase a new home. Without the worry of having to repay the $8000 tax credit for 2009 should provide incentive and encourage action.