The talk is that President Obama will be signing the new economic stimulus bill today. For that bill includes a $8000 first-time home buyers tax credit. It is similar to the recent $7500 tax credit recently passed by Congress with a few changes.
The most notable is this is a true tax credit and doesn’t have to be repaid unless you don’t live in the house for first of three years, or sell in the first three years. The credit is also extended until December 1, 2009 (previously it expired on July 1st). It looks like the qualifying income limits will be the same. The tax Credit is retroactive to purchases made on or after January 1, 2009. (You can see the provisions of the bill here on page 24.)
If you’d like any info about the First Time Home Buyer’s credit or any info about Bellingham Home’s or Condo’s you can give me a call at 360-739-6981 or drop me a line by email.