Posted by: Brian Powers | March 4, 2009

Enhanced Tax Credit Provides Outstanding Opportunity for Home Buyers

As part of the Housing and Economic Recover Act of 2008 a $7500 first-time homebuyer credit was included as in incentive for buyers to purchase homes.  This was not a true tax credit as it had to be paid back over a 15 year period.

However, the latest economic stimulus package passed by Congress enhances that tax credit. It’s increased to $8000 and it is a true credit with no payback.  The $8000 tax credit applies to qualifying homes purchased between January 1,2009 and December 1, 2009.  Also, please be aware that while the credit is generically referred to as a “first-time home buyer” credit, it really applies to anyone who has not purchased or owned a home in the past 3 years.

So lets say in 2005 you sold your home in Huntsville, Alabama and moved north to the great state of Michigan.  At the time of your move you were unsure about your job prospects in our booming state economy, so you decided to rent.  Now you have a stable job and wish to stop renting and purchase a home.  You would fit the definition of a first-time home buyer and qualify for the credit.

Below are some great resources to learn more about the first-time home buyers credit.  If you have any questions regarding this credit or any other issues concerning buying or selling a home please feel free to call or email me.

$8,000 Home Buyer Tax Credit at a Glance

Frequently Asked Questions

Other Provisions

If you are considering the purchase of a home, feel free to sign up for a free account to view homes on the MLS. There’s no cost and no obligation to buy, and you’ll see the same listings the REALTORS see.  Click on the Listing Book icon below to get started.

Finding your dream home has never been easier!

Finding your dream home has never been easier!

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