Dennis Norman
By: Dennis Norman
Earlier this year Congress passed The American Recovery and Reinvestment Act of 2009. One of the items contained within the 407 page Act that has been getting a lot of attention is an $8,000 tax credit for first-time home buyers.
For buyers that qualify I think this, coupled with housing affordability, low-interest rates and lower home prices (read more about affordability in my earlier post about it) presents a great opportunity to buy a home.
To qualify for the credit you must be a first-time home buyer and you must purchase the home after January 1, 2009 and before December 1, 2009. The law defines a “first-time” buyer as someone that has not owned a home in the three year period prior to purchase.
The credit is equal to 10% of the purchase price of the home up to a maximum credit of $8,000 and is available for new or existing home purchases.
The National Association of Home Builders has created an informative website with complete information on the credits for home buyers and is worth checking out.
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[...] told the committee that the first-time home buyer credit and elimination of the mortgage cancellation tax are having a positive impact on the real estate [...]