$8000 First Time Homebuyer Credit
Wednesday, February 18th, 2009First time homebuyer, defined as ‘not having owned a principal residence in the past 3 years’, now can receive a Federal Income Tax Credit of $8,000 (or 10% of purchase price, which ever is lower) when purchasing a primary residence in 2009. Some restrictions, such as: must own the property for three years, gross income restrictions apply, etc. If you do not owe $8000 in Federal Income Tax this year, the government will send you a check for the difference. Will this have the following effect on the housing market: 1. stabilize prices? 2. increase sales/reduce inventory? 3. reduce foreclosures? 4. improve the ability to get a loan?
Click here for more information - http://www.fsbo.com/tax-credit-85/