Real Estate Facts: Homebuyer Tax Credit
August 2008
(485 Words)
The Housing and Economic Recovery Act signed into law this summer will go a long way toward stabilizing the housing market, as well as opening the door to homeownership for many families and individuals in [name of your city or state], according to the [full name of your state/local association of Realtors®].
“This new law will lighten the load for many current homeowners by allowing them to refinance into safer, more affordable mortgages. In many cases, this will help those families avoid a devastating foreclosure,” noted [full name and title of association spokesperson].
“However, the most exciting part of the new law is the temporary home buyer tax credit for first-time buyers,” [last name] noted.
Buyers who purchase a home between April 9, 2008 and July 1, 2009 can claim a tax credit for as much as $7,500 when they file their federal income tax return. The amount gets phased out above a certain income level and can be no more than 10 percent of the purchase price, but most folks will qualify for the full credit.
