The Stimulus Plan!
If you want to buy a house what does it mean? Well, if you are a first time homebuyer...read on!
A First Time Homebuyer is defined as someone who had not owned a home in the last 3 years. Before anyone gets any bright ideas...this includes your spouse. So if you are on the Title and not your spouse you DO NOT get the credit. Had several calls about this already today.
If you meet the above requirement, you are eligible for an $8,000 tax credit. Simple, right? There are some income limits, $75,000 or $150,000 if a joint return. The big change is that this does not have to be paid back, stay in the home for three years and no re-payment. Must be purchased between January 1st 2009 and December 1st 2009. AND... It must be your principal residence.
For full details contact us. There are some more items attached to the bill including but not limited to:
Neighborhood Stabilization
FHA, Fannie Mae, and Freddie Mac loan limits
Energy Efficent Housing tax credits and grants*****A PERSONAL FAVORITE OF OURS******
Over the course of the next few days we will highlight several other points of the package to expand on.
Stay tuned.
