Now that Congress has come to an agreement on the $789 billion stimulus package , and President Obama is set to sign in into law – current Winter Haven, Florida home buyers and homeowners should pay special attention to what the new law has in store.
The package contains two benefits related to housing.
The first provision represents a small bump to a familiar program. It gives first-time home buyers an $8,000 tax credit as long as they purchase a home between January 1, 2009 and August 31, 2009.
Note: This is a true tax credit.
However, to limit abuse and misuse, the $8,000 credit is contingent on home buyers holding property for a minimum of 3 years. Sell your Winter Haven home before the 3 year anniversary date, and you’ll have to pay back the cash. It’s also worth noting that the date range applies closings and not sales agreements. Closings must occur between January 1, 2009 and August 31, 2009 to be eligible.
A second noteworthy feature in the stimulus package is that it encourages existing home owners to “green” their homes. As such, adding energy-efficient windows,doors, furnaces and insulation, homeowners can secure home owners larger tax deductions based on home improvement, up to $1,500.
Nota Bene: Don’t move to claim these tax beneifts blindly. Everyone’s individual tax liability situation is different, and you may be ineligible for any number of reasons. Be sure to discuss your plans with a qualified accountant before committing to a plan.
As always, if you’re looking ot buy a home here in the Winter Haven area, please give me a call at 863-604-3019 so that we can get you preapproved. Rates are holding steady, but as with life – the only constant with Florida mortgage rates is change! To expedite matters, you may also apply online for your Florida home loan.
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I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage loan originator, I’m your guy. Call me at 888-859-7418 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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The first-time homebuyer tax credit is a good offer, and I hope it will work and truly “stimulate” the US housing industry.
Lia’s last blog post..Financial Stability Plan to Increase Lending and Prevent Foreclosures
The new rescue package from Obama’s administration is certainly a step in the right direction IMHO. We’ll see whether it will provide us with the break we need to help boost the economy.
PS: I just left you a personal message too.
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great post, i would really like to take advantage of some of these credits. i think it really could help some first time buyers and some people who want to make some improvements and ‘green’ up their place.
The restriction to a 3 year length seems a bit harsh for first time home buyers, who are usually not entirely certain that they will stay in the same place in 3 years unlike repeat home buyers.
Hopefully this move will help the US housing industry since a lot of people are hesistant about buying a house nowadays.