Both the House of Representatives and the Senate approved the American Recovery and Investment Act of 2009 (commonly known as the stimulus package) on Friday, February 13, 2009. This bill modifies the 2008 legislation which provided for a tax credit to first-home buyers. The following are the highlights of the changes to the 2008 Act that will be enacted upon the President's signature early this week.
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The tax credit the lesser of 10 percent of cost of home or $8000.
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Purchases who utilize revenue bond financing can use the credit.
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No repayment for purchases on or after January 1, 2009 and before December 1, 2009.
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If the home is sold within three years of purchase, the entire amount of the credit is recaptured on sale. Applies only to homes purchased in 2009.
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Termination - December 1, 2009
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Revisions become effective as of January 1, 2009.
The first-time homebuyer tax credit chart compares the modifications to the 2008 legislation.
Qualifying homebuyers can utilize FHA mortgagesto take advantage of low-downpayment programs with credit scores of 600. Low fixed rate financing and affordable housing prices provides consumers with an exceptional opportunity to own their own home. Experienced real estate agents at RE/MAX Innovations can assist you with Massachusetts real estate, Rhode Island real estate and NH homes for sale. In Massachusetts, Virtual Homes MLS provides a map based search of all MA multiple listing service properties. Visit Virtual Homes real estate for information in other states.
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