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First-Time Home Buyer Tax Credit

The U.S. Government’s new stimulus plan offers first-time home buyers an up to $8,000 tax credit if you buy a home this year. Congress hopes this part of the American Recovery and Reinvestment Act of 2009 will stimulate the economy and revitalize the housing market.

The First-Time Home Buyer Tax Credit is a great opportunity for those planning on buying a house between January 1, 2009 and December 30, 2009.

A “first-time home buyer” is a buyer who has not owned a residence during the three years leading up to this purchase. And this credit is available now. If you qualify for this tax credit, then this could end up putting cash in your pocket now.

Other provisions in this act that will help home buyers and the housing market:

• Allows state housing finance agencies to help buyers at closing by advancing the credit as a loan using proceeds from tax-exempt bonds.

• Will help home buyers in high-cost markets by extending the FHA, Fannie Mae and Freddie Mac Loan Limit through the end of 2009.

• Expands the net operating loss carryback period from two years to five years for small businesses.

What does this have to do with you? How can United Credit Source help? Let us work with you to bring up your credit score, so that you can qualify for a housing loan this year to take advantage of these special tax credits. Please note that you should always consult a tax advisor or specialist concerning taxes. The tax credit proposed by this bill may also require payback at 0% interest, please consult with a tax professional.