Skip to main content

New Tax Credit for First Time Home Owners

Hi Bloggers! Thanks for stopping by my site. I wanted to talk a bit about the First Time Home Buyer Tax Credit and how I think it will help the local Raleigh and Cary real estate market.

RE: HR 3221 “Housing and Economic Recovery Act of 2008”

I wanted to take a few minutes to give you an update on HR 3221. This bill was signed in to law last week by President Bush and I wanted to make you aware of one aspect that will help more homes to sell. I am very excited about the tax credit for first time home buyers and wanted to make sure that my readers were spreading the word. This should give a huge boost to sales in the area.

Here is what I understand of the new tax credit. Every first time homebuyer couple that purchases a home from 4/8/08 through 7/1/09 will receive a $7500 tax CREDIT against taxes that are due or taxes that have been paid in the past to the IRS. This credit is essentially a $7500 loan, at zero % interest, from the US Government that has to be paid back at $500/year for the next 15 years. As w/ most new incentives issued by Congress, there are income limits for this gift. A single person buying a first home, will get only $3750. Borrowers qualify with annual income of $75k or less on a single filer and $150k or less for joint filers. Once the word is out, this should help kick-start the first time home buyer market that should in turn help the sellers of those existing homes trade up to a larger home.

This is a great opportunity! If you have closed a home since 4/8/08, and you feel that you qualify – please contact your tax professionals. If you have not owned a home in the past 3 years – you may quality. Please contact us immediately and we will forward you information. Home buyers in the Raleigh, Cary or throughout the Triangle market will now get even more ‘VALUE” in buying their first home.

This may help the younger members of your family start their “nest egg” a with more “feathers” than you & I did years ago. So, “Honey, call the kids!”.

Until next time, Go buy some real estate and God Bless!

Leave a Reply

%d bloggers like this: