A lot of Americans are homeless and many suffer from paying rent for an apartment for over a long period of time. Due to the dwindling economic state, many home owners are giving up their homes due to unpaid mortgages and house loans.
With the economic recession, real estate has decreased in its popularity among Americans who would rather rent a unit then to pay a house that they cannot seem to keep due to financial constraints. There is such a good news for homebuyers this 2010.
If you are contemplating of purchasing a new house for the first time, you may have heard of the fuzz and buzz regarding the 2010 Homebuyer Tax Credit which was promulgated by President Barack Obama as a housing stimulus to boost the real estate business. If you have been dreaming of owning your own house but you are afraid of the high mortgage to pay, then it is time to reconsider owning a home.
H.R. 3548 was signed into a law by President Obama for the extension and expansion of the homebuyers tax credit which was suppose to end on November of 2009. The new law was passed both in the House and the Senate by wide margins.
An added benefit of the 2010 homebuyers tax credit was a credit for individuals who are currently owning a house to purchase a new primary residence between November 7, 2009 to April 30, 2010.
According to the federal government, approximately 70 percent of homeowners will now be qualified for a credit should they opt to sell their current house and purchase a new home within the specified time frame.
If you already own a home, you can qualify for up to $6,500 in your tax credit if you have lived in your current residence for the past five years or more and you have plans of purchasing a new house.
A generous tax credit is being offered by the government especially for first time home buyers. The amount of the credit is $8,000 which is a lot higher than the previous deal. This is to motivate people into investing for a house. Eventually the whole economy can move forward.
Before purchasing a home make sure you have discussed with your real estate agent about the first time homebuyer tax credit. In this way, you can make sure that you meet all the requirements to be qualified to avail of this offer. In addition to the first time buyer credit, there is $6,500 if you buy another house given that you have lived in your current home for the past four years.
This Housing Stimulus can greatly help boost the purchasing power of the Americans in buying homes in this hard economy. Through the 2010 homebuyers tax credit, a lot of people can acquire their dream house.
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MiscellaneousFebruary 25, 2010