Stimulus Bill Will Provide $8,000 Tax Credit to Home Buyers

After much debate, both the U.S. House and Senate have passed the Economic Stimulus Bill, expected to be signed soon by President Obama. The bill, which contains many provisions designed to provide Americans with various forms of tax relief, also provides an $8,000 tax credit for buyers in the form of a tax credit that does not need to be paid back (unlike the previous $7500 tax credit that acted more or less like an interest-free loan).

One significant change in the tax credit (besides reducing the proposed amount of $15,000 to $8,000) is that the credit applies only to first-time buyers, meaning buyers who have not owned a principle residence in at least 3 years. (Owning rental property is okay as long as none of those properties were your principle residence).

The credit would apply to all loans closed between January 1, 2009 and December 1, 2009.

If you haven't owned a home in 3 years and are looking for a home in or around Lexington, KY, please contact me or visit my website to search the Lexington, KY MLS for homes for sale in Lexington, KY and surrounding areas.

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