The new first time home buyer tax credit is phased out for those earning more than the stated limits. Unlike the first time home buyer tax credit passed last year by President Bush, this first time home buyer tax credit does not have to be re paid.
Potential first time home buyers should keep in mind that it typically takes a month or two from the time you find the home you want to buy until the transaction closes and you own it. That means that the clock is ticking on your time you have to hit the streets and look at the available inventory of houses, condos and co ops.
Sellers and banks are motivated to make good deals to unload properties that have been on the market for some time. Opportunities like free government money do not come along very often so now would be a great time to find your next place.
These funds can be used to make any necessary repairs or improvements to your new home, buy new furniture or save for a rainy day. If you are looking for a house buy, this is your time. The new first time first time home buyer credit is a significant boost to your wealth creation.
But you have to take advantage of it this year, doing everything it can to create an ever bigger crises requiring even more legislative action to take control of private industry. Put on top of that the lowest interest rates we have seen in thirty years and you have yourself a real buyers market.
I call it a real tax credit because this is the first time i remember the actually paying you to buy a home. Here are the details the first time home buyers tax credit applies to all buyers but it is only a real keeper if the home is not sold within three years if you are buying for the first time.
You will have to complete the purchase and move in this year to qualify. This incentive is a legitimate credit not a deduction, and it does not have to be paid back. Find out what it is, how it works, and if you qualify.
If you ever thought about buying a home, now might be a good time to go for it. I know this credit has been around for some time now. I guess the theory is that all these newbies get out there and buy the homes lost in foreclosure. I can think of a lot of things i could do with that credit.
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