A bill just passed the senate H.R.1 that will be a great way for buyers to BUY NOW!
Here are some of the things that this bill will do:
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Provide a direct tax credit to any one who purchases any home!
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Amount of the tax credit would equal 10% of the purchase price or $15,000, whichever is less
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Purchses must be made within one year of this legislation being enacted
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This tax credit would not to be repaid unlike the current tax credit
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Taxpayers would be able to claim the credit on their 2008 income tax return
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This will only apply to the purchase of a principal residence
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The Credit would be recaptured if the home sold within two years of purchase
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This would sunset the current $7,500 housing tax credit on the date of enactment
Check with your preferred mortgage specialist to find out what information they have on this exciting possibility.
Will Keep you posted
