Julie Johnson

Better Homes & Gardens Real Estate | David Winans & Associates

Julie Johnson header image 2

Stimulus package offers real $8,000 tax credit

February 17th, 2009 · No Comments · Economy, Market Updates, Real Estate, Tips

The new stimulus package, set to be signed in Denver today by President Barack Obama, will contain some help for first time home buyers. The previous tax credit, which had to be repaid over 5 years, has been replaced by a real $8,000 tax credit that does not have to be repaid.

Homeowners who purchase homes between January 1, 2009 and December 1, 2009 will qualify as long as they haven’t owned a home in the last three years. Additionally, to keep out speculators, you will be required to live in your home, as your primary residence, for three years or the tax credit will have to be repaid.

Individuals who make less than $75,000 or couples making less than $150,000 will qualify for the full $8,000 tax credit amount. Those with higher incomes may still qualify for a partial credit.

Source: CNN.com

Tags: first time home buyers·Free Money·Tax credit

No Comments so far ↓

There are no comments yet...Kick things off by filling out the form below.

Leave a Comment