OBAMA DELIVERS LATE CHRISTMAS GIFT TO HOMEBUYERS
HOME LOANS, INDUSTRY NEWS, REAL ESTATE LEGISLATION, TIPS FOR BUYERS
January 30th, 2009
HR 1, just passed by the House of Representatives, includes a provision to eliminate the existing payback requirement for the first-time buyer tax credit for qualified homebuyers. If you have read my previous posts on this topic, I relayed the fact that the credit must be paid back over 15 years. Now, President Obama is deleting the repayment requirement, but only for homes purchased between December 31, 2008 and July of 2009.
Homebuyers should check with their tax preparer for details and income limits. I would like to see the payback requirement extended to those buyers that helped the housing market by buying a home in 2008. It took guts to buy when your family and friends were telling you “you’re crazy!”
The terms of the tax credit already stipulate that if you take advantage of the credit and sell at a later date with no profit, repayment is not required.
Realtors are pushing for more incentives to kick-start the housing market which we believe is key to getting our economy back on track. The bill also extends higher loan limits for certain high cost areas across the country. This will allow buyers to secure loans at lower interest rates since “jumbo” loans have higher interest rates. Next week the bill be reviewed by the Senate.
Please contact me if you have any questions.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
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