So what? So, who can qualify for this and what does it look like when you get your check?
Well, the law qualifies a first time home buyer as a buyer who hasn't owned a principal residence in in the last three years. Those folk can buy a new or resale home and get up to $8,000 in a tax credit. Here's the part no one knows about: home owners who make a "move-up" may be eligble for a a $6,500 tax credit! That means that if you move from your existing property to a new one, Uncle Sam may pay over six thousand dollars to you via a tax credit. HUD may even allow you to use that money as closing costs. That's a lot of closing cost assistance! But the jig is up in April, so it's time to start moving TODAY.
For more information, call JTOden Realty, or read more at www.irs.gov
Some details were lifted from http://www.federalhousingtaxcredit.com/ by the NAHB.
Sooooo the government will pay me to move...as long as it is to a bigger house? Is it a coincidence that a bigger house typically means more property taxes.
Happy New year my friend!
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