The first time home buyer tax credit has been changed. I previously reported about the first iteration here. The big news is that the tax credit is moving from a no interest loan to a lump sum payout. Sound good? Click the link below to see the other changes.
You can download a PDF version of this home buyer tax credit here.
By the way the name has been changed from the “First-Time Home Buyer Tax Credit” to the “American Recovery and Reinvestment Act of 2009.” I guess the new name sounds more prestigious…
Highlights of the new bill include:
- amount of credit increased to $8000 from $7500
- the program will end December 1, 2009 as opposed to July 1, 2009
- any home purchased after January 1, 2009 is included
- you do not have to repay the credit if you live in your home for more than 3 years
- if you sell before you’ve lived there for three years the entire amount of the credit is recaptured on the sale
How effective will this new bill be? Truly, I don’t know. More first time home buyers will buy a home this year. But will it be enough change our current housing market? Only time will tell.
I do see one problem–First time home buyers generally tend to be under 30… But they are also the newest hires at a job… Causing many to be reluctant to purchase a home because they are also the first to be let go…
If this change is causing you to think about purchasing your first home email me today to get started finding your first Wisconsin Rapids home. Spring really is an excellent time to buy because homes are coming on the market almost daily.
Note: I didn’t sleep at a Holiday Inn last night so please confirm any and all thoughts you may have with your accountant. I can handle your real estate transaction but the State of WI says that I cannot pretend to have legal or tax knowledge…
The Wisconsin Realtors Association has launched a public awareness website, www.wisconsinhomebuyer.org, where you can learn more about this tax credit. It’s worth reading.
PHONE: (715) 572-8372
My name is Adam Holberg and I’m a Realtor with First Weber of Wisconsin Rapids. This website is designed to inform and help bring conversation to a topic I love, real estate.
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