That should get your attention. The government is giving cash to home buyers! Now, there are some stipulations, but if you meet the criteria, you can get $8,000!
This is part of the Economic Stimulus package that was signed into law this week by President Obama. First-time home buyers can claim an $8,000 tax credit on their tax return. A tax credit is different from a tax deduction in that a tax credit is basically money in your pocket. Let's say that you owed $6,000 in tax liabilities but you had your employer take out $7,000. That means your normal refund would be $1,000. But if you were a first time home buyer, and if you made less than the income restrictions, you would gain an additional $8,000 in refund, making your total refund $9,000. The article on CNNMoney.com was incorrect in the fact that the got the amount of the refund in this scenario wrong. They seem to have corrected it today.
1. First time home buyer (not owning a home in the past 3 years)
2. Purchase a primary residence home between Jan 1, 2009 thru Nov 30, 2009.
3. Income restrictions to $75,000 for singles, $150,000 for married couples. Above these income restrictions, the dollar value is phased out.
With the low interest rates, the depressed housing prices, and now $8,000 of FREE MONEY, it's a GREAT time to buying a home!