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:
Provide a direct tax credit to any one who purchases any home!
Amount of the tax credit would equal 10% of the purchase price or $15,000, whichever is less
Purchses must be made within one year of this legislation being enacted
This tax credit would not to be repaid unlike the current tax credit
Taxpayers would be able to claim the credit on their 2008 income tax return
This will only apply to the purchase of a principal residence
The Credit would be recaptured if the home sold within two years of purchase
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