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Changes made to rules for first time homebuyers in stimulus bill
2009-02-18 03:25:55 (GMT) (Caymanmama.com - Real Estate News News)
Dallas, Texas (CaymanMama.com) There are some new changes to previous rules regarding first time homebuyers as a result of the Stimulus bill.
The 2008 tax credit for First-time homebuyers (principal residences only) has been increased to $8,000 with the homebuyers income limits still at $75,000 for an individual and $150,000 for a couple.
The tax credit, which previously expired on July 1st has been extended to December 1st and there is no longer a repayment requirement for property purchased in 2009 prior to the December 1st deadline.
The tax credit provision is retroactive to purchases made on or after January 1, 2009 and there is a recapture provision for properties sold within the first three years. There is also a waiver of prohibition on financing by mortgage revenue bonds
Included in the bill is a increase of Reverse Mortgage limit to $625,000 and Rural Housing Service Funding, which may be of benefit to some.
For a link to the tax credit provision (page 24), visithttp://thomas.loc.gov/home/h1/Recovery_Bill_Div_B.pdf.
This should result in some benefits in real estate in the coming months.
CaymanMama.com - Press Release Distribution Service
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