How will the Stimulus Package affect Home Buyers?

February 17, 2009

Here are some bullet points and explanation on how the stimulus package (The American Recovery and Reinvestment Act of 2009) will affect home buyers. President  Obama is expected to sign this bill into law today  in Denver, CO.  An important area of the bill that was reduced was the proposed $15,000 home buyer tax credit.  The credit was cut down from $15,000 to $8,000, but is an improvement over last year’s $7,500 tax credit.  If  you are looking for a house or would like to contact me about the “Stimulus Package” please feel free to give me a call or e-mail me your question.

 Here are some bullet points of the HOME BUYER TAX CREDIT:

  •         Lesser of 10 percent of purchase price of home or $8,000
  •       Applies to purchases after 1/1/09 and before 12/1/09
  •       Primary Residences
  •       Available to individuals making up to $75,000 or $150,000 for joint returns
  •       First Time Home buyer (may not have owned a primary residence in the past 3 years)
  •       No repayment required, unless home is sold within 3 years
  •       Can utilize credit if using state/local bond financing 
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