Stimulus - Homebuyer Tax Credit

After several versions were debated by the House and the Senate, significant changes were made to the Homebuyer Tax Credit of 2008. The credit is still only for the purchase of a principal residence by a first-time home buyer, but the limit was increased to $8,000. More importantly the credit is yours to keep unless you sell the home within 3 years; there is no repayment requirement. Keep in mind, to take advantage of this opportunity you must purchase a home in 2009.

For a complete chart on the differences from the existing law to the new law, click here: Chart Highlighting the Major Modifications to the First-Time Homebuyer

Further stimulus to the housing market includes an additional $500 million in funding for the USDA Rural Housing program. Most purchases today require 20% down but buyers qualifying for the Rural Housing program can still purchase a home with competitive rates and only 2% of the purchase price. It has been reported that this level of funding would provide for an additional 192,000 homeowners.

To learn more about how you might take advantage of both of these programs and purchase a home, please give me a call. Thank you.

Scott McKinney
Trusted Advisor for Real Estate Dreams
715-798-3445 Office
715-580-0093 Cell
scott@mckinneyrealty.net