Basically the tax credit for first-time home buyers went from $7500 to $8000, with the difference that the tax credit now does not have to be repaid at all. Before, it was to be repaid over a 15 year period.
Here is a link to information on the tax credit for first time home buyers.
It is effective for any home purchased between January 1, 2009 – December 1, 2009. And, the credit is equal to 10% of the purchase price of the home, up to a maximum of $8000. For informational purposes, the definition of a first time home buyer is anyone who has not purchased a home in the previous 3 years.
So, if you have been on the fence about buying your first home around Atlanta, this should be enough to push you over the edge. Home prices are at their lowest point in years, mortgage rates are at their lowest point in 37 years, and you get $8K tax credit for buying.
The market’s great. Jump in.
Related posts:
