Congress Enacts Bigger and Better Home Buyer Tax Credit

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A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

The Housing and Economic Recovery Act of 2008 has authorized a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. In February 2009, the American Recovery and Reinvestment Act modified the criteria.

The three major changes are:

1. The amount of the maximum credit increased from $7,500 to $8,000

2. Repayment of the monies was eliminated.

3. The deadline to purchase and close on a home was extended from closing by July 1, 2009 to December 1, 2009.

Talk to your Cressy & Everett agent today and find out how you can take advantage of this unique opportunity!

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