First Time Home Buyer Tax Incentives

By Lissette Cancio/ Approved Team Lending
August 21, 2008 10:30 a.m. Eastern

Are you interested in buying your first home? Or have you not
owned a home for at least three years but would like to purchase
now?

The American Housing Rescue and Foreclosure Prevention Act
(H.R. 3221) was signed by the president last week and helps
homeowners that are in foreclosure stay in there homes and also
gives incentive for first time homebuyers to purchase now. The
legislation can give first time home buyers a tax credit for 10% of
the Purchase Price up to $7,500.  The credit must be paid back over
a 15 Year period and is essentially an interest-free loan.  The credit
will begin to phase out for taxpayers with adjusted gross income in
excess of $70,000 ($140,000 in the case of a joint return).

This part of the legislation is an effort by Congress, the Senate, and
President Bush to spur purchasing and help stabilize a declining
Real Estate market.  It gives home buyers the extra push they need
to purchase now instead of waiting on the sidelines.  It also puts
more money in the home buyers pockets over the next 1-2 years
because the tax credit does not have to be repaid until 2010.    


Post your comments about this legislation on our blog at
approvedteamlending.com/blog.  
Approved Team Lending
(866) 790-7883
Get Prequalified:
Name:
Email address
Phone number:
Apply Now
Get Pre-approved to buy
a home with little money
down at closing
Copyright 2008 www.approvedteamlending.com - all rights reserved
Florida Mortgage Services

Are you interested in purchasing a
home in the State of Florida?  Our
Mortgage Specialists have extensive
knowledge in helping first time home
buyers from application to closing.  If
you are interested in obtaining more
information on getting qualified for a
home purchase, our Mortgage
Specialists will be happy to help.
www.ApprovedTeamLending.com-Florida County List
www.ApprovedTeamLending.com-Florida County List