$8000 First Time Homebuyer Credit

Congress is considering a package of items that are meant to boost the housing market nationwide. Many of my clients happen to be first-time homebuyers so one item in particular grabbed my attention. They are proposing an $8000 tax credit for couples and $4000 for individuals on your first home purchase. This is not a deduction, it is an actual $8000 reduction on your next tax bill. This will be a major motivation for renters that have been sitting on the fence of home-ownership. The credit program is designed to cover qualifying home purchases between April 9, 2008 and April 1, 2009. Some of the details we are waiting for include income restrictions and possible re-payment plans. Please let me know if you would like to be kept in the loop as more information unfolds