New Housing Bill Tax Credit Rounds Up Interest
A new website was created by the National Association of Home Builders (NAHB) to provide information and address questions about the new federal tax credit available to first-time home buyers through June, 2009. Within the first couple days of its launch, www.federalhousingtaxcredit.com received an estimated 36,000+ visitors. The outpouring of interest is a good sign for the national real estate market, although it is not certain that the heightened curiosity will inspire action among house hunters.
First-time home buyers who qualify (people who have not owned property for more than three years are also considered first-time buyers) can get a credit of up to 10% of a home’s purchase price or $7,500 per married couple filing taxes jointly. Individuals are eligible for up to $3,500. The tax credit basically works as a zero-percent loan because the amount must be paid back over a 15-year period. The credit is available for homes closed between April 9, 2008 and June 30, 2009. While providing nearly a year to act, the timeframe does create some sense of urgency. The limited-time offer is hoped to jumpstart buyers who are serious about buying but have been reluctant to proceed because they are waiting to see how low prices fall.
The new website dedicated to this initiative offers a simple rundown of the tax credit plan and qualifications, has links to home buyer resources, and answers frequently asked questions. The NAHB is preparing to launch a promotional campaign informing buyers of the federal credit program, which is part of a larger housing bill passed at the end of July. The goal is to give the U.S. residential market a shot in the arm and boost home sales significantly in the next year.
To find out more about this great new tax credit and whether you are eligible, contact a professional real estate agent or click here for more information.
Posted at 01:31PM Aug 29, 2008 by Spencer Mason in General Comments[0]
