President Obama signed the Economic Stimulus Bill:
Details about the $8,000 housing tax credit for first time homebuyers... www.8kTaxCredit.com
Time frame to buy? - By December 1, 2009
First-time home buyer? - A buyer who has not owned a home for three years.
Married first-time buyer? - Both buyers have not owned a home for three years.
Claim tax credit? - Claim the tax credit on your federal income tax return.
Other form or forms? - No other form except your federal income tax return.
Credit limits? - Single $75,000, Married $150,000.
Building a custom home? - You qualify, but you have to occupy the home by Dec. 1, 2009.
Buying a new home? - You qualify, but the settlement day has to be by Dec. 1, 2009.
Tax credit pay back? - You are not required to repay except for certain conditions.
Access the tax credit now? - Change your withholding numbers.
Mortgage Revenue Bonds? - Allow tax credit home buyers to participate.
Loan credit? - State housing finance agencies to help buyers at closing by advancing the credit amount as a loan.
THE STIMULUS PACKAGE:
The Senate added to the economic stimulus bill a $15,000 tax credit or 10 percent of the purchase price of a new home(whichever is less). You will be able to utilize the $15,000 tax credit over one or two years when you buy a principle resident home. This will ad about $18.5 billion to the current economic stimulus bill. This amendment was offered by Sen. Isakson (R-GA), with Sen. Lieberman (I-CT) as a co-sponsor.
The tax credit is available for any home that will be your principle residents for two years and investors are not eligible for the tax credit. You will be able to claim the credit against your 2008 federal tax return.
The Senate unanimously approved a proposal by Senator Isakson (R-GA) that would give a $15,000 tax break or up to 10% percent to anybody who buys a house by the end of the year.
Fix Housing First: The American housing market is pulling down the entire economy and we need to "Fix Housing First". The value of every American home is dropping in value each day and we need to stop the devaluation of housing. We have thousands of American construction workers out of jobs with the risk of even more job lost in the future.
A new housing stimulus package is the answer for America because we need to "Fix Housing First". The housing stimulus packagewould give buyers an incentive to buy now and not wait for next year to buy a home. This would also solve some of the problems with foreclosures because you would be giving reasons to buy now.
