The $7,500 home ownership tax credit that the federal government created earlier this year as part of the Housing and Economic Recovery Act (H.R. 3221) along with today’s low interest rates, wide selection of for-sale inventory, and affordable home prices has the pieces in place for first time home buyers to buy now.
Buyers have until July 2009 to make a purchase that qualifies. The tax credit was passed in July of this year as part of the Housing and Economic Recovery Act (H.R. 3221). It’s worth up to $7,500 and can be taken in a single tax year. Authorization for the credit ends July 1, 2009.
The tax credit is actually available to any individual or household that hasn’t owned a home for at least three years.
To find out all the details access the IRS link: http://www.irs.gov/newsroom/article/0,,id=186831,00.html
