Housing Bill Benefits 1st Time Homebuyers!

July 26, 2008 - PRLog -- For those who haven't heard, there is a housing bill before the Senate that will offer incentives to 1st time homebuyers along with helping those who are overextended in their mortgages with their current lender.  There are other benefits to the bill as well, such as to a select group that may need to tap into their equity without the large fees.  There is really a benefit for almost everyone.

    This incentive will come in the form of a tax credit consisting of 10% of the purchase price of the home up to $7500.00.  Don't confuse this with a deduction, this is actually a credit that will be applied to the taxes you are owing, or if you have a refund coming, this amount will be added to that. This could mean a pretty large refund check for those that purchase a home, and although the money isn't yours to keep, the payback terms aren't bad either.

    This is an interest free loan from the government and will need to be repaid in increments of $500.00 per year beginning in the 2010 tax year. This will be paid back over the span of 15 years. The good news is, $500.00 doesn't mean much in a year and there are people who really need that additional credit for the economic conditions we are facing right now.

    Did you know that as long as you have not owned a home in the last three years you are considered a first time homebuyer?  This only extends the amount of people who will be eligible to buy and take advantage of this credit. If you were waiting to buy, there really hasn't been a better time than now!

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