With housing prices on new lows, there is a lot to interest home buyers for the first time. The federal government is offering a first home buyer an incentive in the form of a $ 8,000 tax credit to encourage buyers for the first time. The opportunity is not limited, although it ends on December 1, 2009.
Here are six things you want to know about the available incentives for home buyers for the first time:
1. A loan of $ 8,000 should not be repaid, and it applies only to first time buyers who buy their primary residence.
2. Determination of the original home buyer; since this stimulus package is a person who has not had a main residence for three years before buying a house. If you have a holiday home, you can still get a loan.
3. Tax credit is available only to those who buy a house in 2009 or after January 1, 2009 and before December 1, 2009.
4. There are restrictions on income. If you sit, and your adjusted gross income is $ 75,000 or less, you are eligible for a tax credit. If applied to a couple, the adjusted gross income may be $ 150,000 or less. The loan amount is reduced if the adjusted gross income is greater than these amounts.
5. Even if you do not have a large tax liability, the loan is returned, so you can still use it.
6. Elements of a re-take of a package of incentives means that the buyer must live in the house for three years before the sale. There are exceptions in case of death or divorce.
This incentive loan is an improvement over a $ 7,500 loan offered in 2008 to a greater extent than just the dollar amount. It should not be repaid if the rules are followed, so $ 8,000.00 is actually a gift to home buyers from the federal government.
Why is the government so generous? Home buyers contribute to community building, improve neighborhoods and make them more stable. Homeowners also help the economy grow - for every home purchase there are purchases of garden tools, patio furniture, plants for landscaping and much more. Domestic purchases may include furniture, bedding, paint, flooring, appliances and other items. And, if the property needs improvement, there may be a need for an electrician, plumber or contractor.
Houses are the financial basis of our country. Encouraging the purchase of homes prevails economical pump. that helps communities thrive and attract businesses, educational institutions and new residents.
