First Time Home Buyers get a big tax credit the year they purchase the home!!!
“Yeah, but I gotta pay it back over the next 15 years right???” WRONG!!!
The New Stimulus Bill Has Changed the First-time home buyer credit: It has increased to $8,000 for qualified first-time homebuyers purchasing homes after Dec. 31, 2008 and before Dec. 1, 2009; repayment requirement waived unless sold or no longer principal residence within 36 months
“So I can get a $8,000 tax credit for buying a home and dont have to pay it back???” RIGHT!!!
Only a few fairly modest “Stipulations” including:
-Credit is 10% of purchase price up to $8,000… If you purchase a home that is less than $80,000 youll only be eligible for 10% LOL: “ONLY be eligible”
–The new $8,000 credit begins to phase out for individuals with incomes over $75,000 or married couples with incomes over $150,000 filing jointly.
This is awesome news for most first time home buyers in College Station TX!!!