One of the benefits of the recently enacted Housing and Economic Recovery Act of 2008 is tax credit for new home buyers. The key points of the credit are:
- Available to first time home buyers only (have not owned primary residence in the last 3 years)
- Maximum credit of $7,500
- Available for homes purchased after April 9, 2008 and before July 1, 2009
- Single tax-payers eligible with incomes up to $75,000 and married up to $150,000
- Works like an interest free loan payable over 15 years
More information is available at the National Association of Home Builders FAQ page. You can also review the National Association of Realtors’ informational brochure on the credit.
Until (or if) the FHA sellers downpayment assistance becomes available again, this credit is the next best thing for new home buyers. You’ll have to come up with the down payment up front, but at least you may be able to recover some portion of the payment through the credit.
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