The Stimulus Bill featuring 787 billion dollars in federal spending was signed into law just few weeks ago. Among other provisions aiming at stemming further increase of foreclosures it features a bonus for first time home buyers! It is big enough to cover a 10% downpayment on a modest condo or a townhouse. According to the Stimulus Bill, anyone who purchased a home between January 1st, 2009 and November 30th 2009 is entitled to $8,000 or 10% of the home's value, whichever is less, that can be claimed on 2008 or 2009 taxes.
Buyers may not have owned a home for the past three years and must live in the house for at least three years after the purchase. Otherwise they would have to pay back the credit to IRS.
There are also some income restrictions: buyers must earn less than $75,000 for single filers or $150,000 for couples. If the make more than that, they may receive a partial credit.
If there is anything to jump-start this real estate market, the first time home buyer bonus is certainly something we can count on. Cheap condos, especially bank-owned homes clog up our Chicago suburbs MLS inventory. An $8,000 bonus will certainly help clear the huge backlog created by bank foreclosures in our region. |
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