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Congress Enacts Bigger and Better
Home Buyer Tax Credit

-          Up to $8,000 tax credit for FIRST-TIME HOME BUYERS. The law defines a first-time buyer as anyone who has not owned a home in the last three years.
-          Up to $6,500 tax credit for REPEAT HOME BUYERS. The law defines a repeat home buyer as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

-          Changes to the Federal Housing Authority (FHA) rules increases the maximum loan limits the FHA will insure.

-          FHA loans require only 3.5% down payment and that money can come from family members, employers or charitable organizations.

-          You don’t have to have a perfect credit score to qualify for an FHA loan. In fact, even with some credit problems, it’s often easier to qualify for an FHA loan than a conventional loan.

HousingStim

Call Mike @(479)719-2990 or e-mail
Mike@mikecoltrain.com to learn more.