Obama had a big day yesterday. As many know he signed a 789 BILLION dollar economic stimulus package. This computes to and average of $2,600/American in free cash money. There are many ways you get your money.
- Working Tax Credit ($400 for individuals/$800 for couples)
- Auto Assistance
- $1,000 Child Tax Credit
- Higher Education Tax Credit
- and a few more.
One of the remaining few is what I will be talking about today, the first time home buyer credit.
Basically first time home buyers who purchase a house before December 1, 2009 will receive 10% of the purchase price of the home (up to $8,000) from the federal government. This money DOES NOT HAVE TO BE REPAID!!! The only catch is you have to keep the home at least 3 years.
The $7,500 tax credit still exists to those who purchased their homes in 08 and there is talk about making that so you don’t have to pay it back as well.
If you can afford to purchase your new home, now is an excellent time to do so.
