What the new housing tax credit means to you
The economic stimulus package that the President signed on February 17 will provide a tax credit of up to $8,000 for first-time home buyers. There are several important things to know so that you can receive the full advantage of this opportunity.
- Only homes purchased between January 1 and December 1, 2009 are eligible.
- The tax credit does not have to be repaid.
- Is fully refundable.
- Permits state housing finance agencies to help buyers at closing by advancing the credit amount as a loan using tax-exempt bond proceeds.
- Increases the FHA, Fannie Mae and Freddie Mac loan limits to 2008 levels.
Contact Charmaine at the Bryant Lake LaGrange Sales Center for more information: toll-free 877-384-LAKE.
You can also read a clearly written summary from the National Association of Home Builders.
- Tillman
Tags: Bryant Lake, Homes, tax credit