Tax Credit for First Time Buyers!
Posted by Deborah London on August 15th, 2008
There is now a tax credit of up to 10% of the purchase price of a home (or a mximum of $7,500) if a first time Buyer purchases their principal residence.This credit will be repaid, however, in the coming years. Other stipulations apply. Call or email me for more info about this or other Buyer-assisted loans or credits!
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President Bush just signed into effect several provisions that will effect our housing market! According to the National Association of REALTORS, here is a brief overview. Some of the changes are as follows: FHA loans will be reformed. There is now a permanent, greater loan limit of $271,050 or 115% of the local area median home price, with a cap of $625,000. The minimum down payment will go up to 3.5%, but this could be paid by family members, employers, or charitable organizations.(no longer the Seller).
