Ok – some potentially useful information for those few who may be in a position to buy now.
Follow the link below to the full DM Register article, but to summarize briefly, legislation signed in November (The Worker, Home ownership and Business Assistance Act of 2009) provides for an $8,000 1st-time home buyer tax credit. It had been set to expire Dec.1 but has been extended to Home purchasers who sign a contract before April 30 and close by June 30.
Some very worthwhile changes to the bill were made, like raised income limits, and also if eligibility requirements are met, people who want to “trade up” can qualify.
On a negative note – the tax credit cannot be claimed if the purchase price of the principle residence exceeds $800,000. (Yes that is the actual price limit and yes I am interjecting a bit of sarcasm here.)
But a nice little tax credit if you qualify, so look into it if you are buying soon.
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