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First time buyer Stimulus package
Chris von Trapp has worked with many first time buyers. The tax credit now offered to first time buyers who purchase before December 1, 2009 truly makes the dream of homeownership possible for many.
Many first time buyers now have an opportunity to purchase their first Vermont home with the new First Time Home Buyer Tax Credit included in the final Stimulus Package. The Stimulus Bill increases the first-time home buyer tax credit up to $8,000 (on their 2008 or 2009 income tax returns) and eliminates the repayment requirement of earlier legislation. The credit applies to homes purchased on or after January 1, 2009 and prior to December 1, 2009.
With increased inventory, historically low mortgage interest rates, and now an $8000 tax credit - a first home is within reach for many first time buyers.
Do you qualify for the First Time Home Buyer Tax Credit included in the Stimulus Package?
The U.S. Dept of Treasury has set up a great site to help you determine if your eligible for this tax credit. Check out makinghomeaffordable.gov
WCAX-TV helps explain how the First Time Home Buyer Tax Credit can benefit you when purchasing your first Vermont home
The National Association of Home Builders has provided a list of frequently asked questions related to the $8000 First Time Home Buyer Tax Credit
Use this chart to understand the difference between the previous $7500 tax credit and the current $8000 tax credit passed by Congress
If you or someone you know may be interested in learning more about this tax credit, give Chris a call. 802-846-9525
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