Tuesday, March 16, 2010

The Home Buying Tax Credit can help you buy the home of your dreams

As we all know, our economy is really slow right now. Our government wants to give our economy a boost in every way they can and as a result we the people are getting some good breaks. One of these breaks is something called the home buying tax credit. It is for first time homebuyers or for people who have not owned a home in the last three years. If these people decide to buy a home now they will get a credit up to $8000. Thats enough to help a lot on the purchase of a home. There has to be a binding contract by April 30, 2010 to qualify and the deal has to be closed by June 30, 2010. For those who already have a home that they have lived in for at least 5 of the last 8 years but want to move on and buy a different home, there is also a tax credit to help out. This one goes up to $6,500. The income limits for these tax credits are 125,000 for singles and $225,000 for couples, so most of us will quality. So how will this tax credit stimulate our economy? Its really pretty simple. The housing industry creates so many jobs that if homes start to sell well again it will definitely make the economy perk up. In the past when our countries economy started to get sluggish, the housing market was always one of the prime factors in reviving it. According to the National Association of Realtors in a news release late last year, about 22 billion dollars has already been added to the general economy as a result of the tax credit in 2009. If you would like to buy a home, now is the time! Don't let this pass you by. There may not be any future extensions of this tax credit. Time is short so check this out. It just may be the stepping stone you have been looking for to make it possible for you to own the home of your dreams.

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