It's official.
First time home buyers who make less than $150,000 annually ($75,000 if single) qualify for a $7,500 tax credit if they purchase a home by the end of June next year. President Bush passed the Housing and Economic Recovery Act of 2008 today.
This winter will be the a great time for first time buyers in Logan. There is lots of selection, many motivated sellers willing to accept low offers, and now a $7,500 savings on taxes.
This tax credit does have a catch though. It's really just an interest free 15 year government loan. After the second year the "tax credit" is payed back at $500 a year or with the capital gains when the house is sold. If you have no equity when you sell your home, the "tax credit" really is a tax credit and doesn't have to be paid back.
If this tax credit intices you to start looking, click this link to start searching for homes now and click this link to see how much home you can qualify for.
3 comments:
I think it is remarkable that people continue to whine about the fact that the Buyer tax credit must be repaid. Many forget that by buyer a home the buyere steps into a NEW income tax structure because they can now deduct the taxes and interest and thus offsets the payback feature. Do the math, renter tax return versus homeowner tax return.
When it comes to buying a property, winter is considered as one of the best times to buy one as there's a lot of affordable homes for sale that sellers offer. I hope buyers will be wise enough when it comes to choosing great investments.
-Audrey
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