New information on the $8K Tax Credit for First Time Homebuyers

More information has come out on the up to $8K tax credit for first time homebuyers, which would be 10% of the sale price on a home purchased, up to $8K. This is an actual credit, not an interest free loan like the original $7500 tax credit and you can claim it on either your 2008 or 2009 taxes. For more details read this article from cnnmoney.com.

$15K Tax Credit for Buying a Home is CUT!!!

Yes, folks. Apparently the government really wasn't too concerned about getting the housing market moving again. According to David Espo, AP Correspondent, negotiators last night effectively wiped out the Senate-passed provision for a $15,000 tax credit to anyone purchasing a home this year. There aren't too many details released yet, but it looks like Congress is falling back to the first time homebuyers' credit and raising it $500 from the original $7500 to $8000, but possibly making this into a real "credit" instead of a 0-percent interest loan. This is good news for first time homebuyers but everyone else is out of luck.

More on the new $15K tax credit for purchasing a home!

If the $15K tax credit passes, this will actually help boost the housing market! First, this truly is a tax credit, not a loan like the $7500 tax "credit" for first time homebuyers. Second, there is no income limit to get this tax credit either. The actual credit is up to 10% of the purchase price of your next home with a maximum credit of $15K. If you buy a house for less than $150,000 your credit would be less, but every little bit helps. Also, this home does need to be your primary residence. Of all the things to come out of Washington, this one might actually have some sense behind it!

For more information, read this article from US News & World Report.

$15K for Buying a Home This Year!

Get ready for a Jolt in the Real Estate Market!
The national recovery is about to begin!

$15,000 Tax Credit
To All Homebuyers for Primary Residence

The Senate Republicans yesterday pushed through by unanimous voice vote a new provision in the Stimulus Package to give homebuyers a tax credit of ten percent of the value of new or existing residences, up to $15,000. This new provision would have no repayment of the tax credit and the law would be in existence for one year from the start of the Stimulus Package. It is expected that the final vote of this bill could be February 13th. President Obama has indicated that he will support the measure.

Keep your fingers crossed that this passes, people!