As many of you have heard, there is a new tax credit for First-Time Home Buyers for up to $8000. There are a few requirements, but most buyers WILL qualify for this refund!! Below is a short video and information from the Kansas Association of Realtors. If you need more information or have questions, please let me know! AND if you or someone you know is a First-Time Home Buyer looking to take advantage of this great savings, CALL ME!!
Click Here to see a quick video on the tax credit.
The Economic Stimulus Bill (The American Recovery and Reinvestment Act of 2009, H.R. 1.) was signed into law on February 17. In the end, the elements of NAR's housing agenda were included.
For a chart describing major modifications to the First-Time Homebuyer Tax Credit, click here and for more details about the Credit see NAR's Presentation: The 2009 First-Time Homebuyer Tax Credit.
Some provisions include:
Homebuyer Tax Credit – a maximum $8,000 tax credit that will be available for qualified purchase of a principal residence by a first time homebuyer between January 1, 2009 and December 1, 2009.
The credit does not require repayment.
Individuals who purchase in 2009 using financing assistance from state and local mortgage bonds will be permitted to use the credit, as well.
The Bill includes a total of 10 provisions affecting housing. For more information about them, see the constantly-updated webpage on REALTOR.org.
Make no mistake—our work with Congress and the Treasury Department is not yet completed, as the leading advocate for homeowners and the real estate industry, the National Association of REALTORS will continue to address the issues facing Americans who are trying to purchase a new home, protect their current home or preserve investment opportunities in residential and commercial properties.
NAR recognizes the efforts of the members of Congress and the Senate who understand that without a housing recovery, an overall economic recovery is impossible.
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