A tax credit is available in some cases to help you buy repo homes. This government incentive is available only for some time but can make buying real estate even more affordable if you are prepared to buy now. There has never been a better time to buy property.Truly, there has never been a better time to buy foreclosed properties. Not only is it a buyer’s market, with amazing savings and a hot market full of many types of properties, but now some buyers can take advantage of a housing tax credit to save even more money. The credit will not be available for a long time to come now, so if you have been considering buying, now is the time to act to take advantage of prime conditions.The government tax credit was originally $15 000. Legislators in the White House instituted the tax advantage in an effort to stimulate the nation’s real estate market. All homebuyers could potentially qualify for a credit of up to $15,000 or 10% of a home’s value. Unfortunately, President Obama's economic stimulus package removed this credit.The new creditThe good news is than an exiting credit of $7,500 was increased to $8000. The exciting thing about this credit is that while the $15,000 had to be repaid at 0% interest over a period of 15 years, the new credit under the economic stimulus package does not need to be repaid at all. This makes the $8000 free money in your pocket when you buy a home or foreclosures.The credit works quite simply. All homebuyers buying their first property between April 9, 2008, and Dec. 1, 2009 receive a credit of up to $8,000 on their taxes. If you are single with an income of $75,000 or married with a combined income of $150,000 or less, you qualify for the full $8,000 credit.When you combine the tax savings with the savings you enjoy on foreclosures – which are already priced up to 50% below market value – you could end up paying less for a home than you ever imagined. You could easily save tens of thousands of dollars and you may find it’s cheaper to buy than rent.
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A new tax credit allows homebuyers to enjoy an $8,000 credit on their taxes when they buy their first home. You can combine this credit with a foreclosure purchase for amazing savings.
Joseph Smith has been educating buyers on the finer points of Foreclosure Tax Credit at BankForeclosuresSale.com for over five years.
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