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Thursday, February 05, 2009

Take advantage of the Real Estate Bailout

Just thought I would remind all of you new homebuyers to make sure to take advantage of this Real Estate Bailout that the government has so kindly put into effect. I actually bought my home four days before the cutoff of this credit so I wasn't able to enroll. Don't miss the chance to receive this money. Here are the basics:

The federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to "move on" after 5 years of living in their current property, as well as first-time homebuyers.

-First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
-Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit
-There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010)
-Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.

The video above does a lot better to explain the finite details of the program. I would strongly urge those of you who are looking to buy a house for the first time to take advantage of this program. It's basically a free, no interest loan, that you can use to get in a home and start to look towards the future.

Why not take advantage of programs like these? If the government are so eager to spend our money then we should take every chance we get to spend this tax payer money on improving our lives.

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