November 10, 2009

Extended Tax credit for First Time Home Buyers will help the Economy

Filed under: Uncategorized — americanforeclosures @ 10:05 pm

The extended tax credit could increase home sales . The new deal signed by President Barack Obama will allow for new homebuyers to get a tax credit until the end of April and they’ll have until June 30th to close.  Now people who own a home for five years or more can get a tax credit of $ 6,500 dollars. This expands the tax credit that is designed to stimulate the economy greatly.  Here’s another stimulus effort out there. Fannie Mae, the government-controlled mortgage company, is offering a lease option for people on the verge of foreclosure. They could transfer ownership of their home to Fannie Mae and sign a one-year lease, with monthly extensions after that.  This will help some families that are o on the verge of foreclosure.  The new income limits ($125,000 for single taxpayers and $225,000 for married taxpayers, for both the $8,000 and $6,500 tax credit programs) apply for “purchases after the date of enactment.” Purchase typically means the date of settlement or   tax credit is a good deal for people who want to buy a home. But don’t let it make you rush into a bad deal that puts your home in jeopardy.  

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