President Obama will be traveling to Denver to sign his newly passed "American Recovery and Reinvestment Act of 2009".
While there has been much said about the bill, the end result is yet to be seen. Changes to the First-Time Homebuyer Tax Credit are not significant. We already had a $7500 tax credit available from an earlier bill, but this one offers a non-payback plan. That is non-payback as long as the borrower owns the home for over 3 years.
In order to understand the benefits more clearly, I'm posting a chart, compliments of the National Association of REALTORS® here:
The good news for first-time home buyers who have purchased in 2009, this bill is retroactive. You too can qualify for the credit.
If you are a first-time home buyer or know of one, please pick up the phone and call me to see how you can take advantage of this tax credit and become a proud home owner soon!
NOTE: The President has also announced the NEXT big initiative will be focused on a finance and housing package. We are hoping to hear more about this as soon as this week.