FIRST TIME BUYERS ARE NOW ELIGIBLE FOR AN $8000.00 TAX CREDIT if buying between 1/1/09 – 12/1/09. (The $15,000 previously proposed was lowered to $8000 and is now in effect. Also, the $8000 does NOT have to be paid back!!)
The following statement was taken from CNN News headlines.
Temporary credit for home buyers: The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit's expiration date to Dec. 1, 2009, from July 1,2009. Those eligible for this credit must purchase a home after Jan. 1, 2009, and before Dec. 1, 2009. The full credit is available to those making $75,000 or less ($150,000 for joint filers). Estimated cost: $6.6 billion.
The following statement was taken from CNN News headlines.
Temporary credit for home buyers: The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit's expiration date to Dec. 1, 2009, from July 1,2009. Those eligible for this credit must purchase a home after Jan. 1, 2009, and before Dec. 1, 2009. The full credit is available to those making $75,000 or less ($150,000 for joint filers). Estimated cost: $6.6 billion.
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