While the new stimulus package from the government didn’t contain the anticipated $15000 tax credit for ANY buyer this year, they did revise the one that applied to first time home buyers. This also applies to those persons who have not owned their own home for 3 consecutive years as well.
Below is the chart displaying the differences:
You can also download the PDF here.
Also, the bill reinstated FHA, Freddie Mac, and Fannie Mae loan limits from 2008. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. The final numbers have not been released for our area yet. HUD still needs to release the final numbers.
PLEASE NOTE: I am NOT A TAX PROFESSIONAL, so please consult one on how this policy could help you regarding your taxes.
Related posts:
- WHO reduces acceptable radon levels to 2.7
- First time buyers (your window is closing)
- New Housing Bill signed
- Regulation Z (The “new” Act)
Article by John Lauber
My name is John Lauber and I'm a Realtor in Chester County, PA. I love living and working in this area as there is so much to do here. If you have any questions feel free to contact me. I'm happy to help.
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