I just wanted to provide you with a little update regarding the first time home buyer tax credit (FTHB) program and how it affects you as a home buyer. As reported today in the Wall Street Journal, Congress’ stimulus proposal does include a revision of the FTHB tax credit. Here is how it could benefit you:
“The proposal would eliminate the repayment requirement for first-time home buyers, and raise the credit to $8,000 from $7,500. However, Congressional aides cautioned that the credit’s size was still subject to negotiation.” (Source WSJ)
So, this is some very good news for you as a home buyer. If you are still considering purchasing a new home this Spring or Summer, contact your Lender or CPA about the tax credit qualifications. We are seeing listing activity increase within our RE/MAX United office, so fresh houses are coming onto the market for the Spring shopping season! It is still a Buyer’s market with some very motivated Sellers and Builders! Take advantage of both of these great opportunities to help you get into your first home.