Tax Credits Make Home Buying More Affordable
The government stimulus package offers numerous incentives for buyers in today’s marketplace. Many homebuyers are eligible for local, state and federal incentive programs. The American Recovery and Reinvestment Act of 2009 includes the following:
- Homebuyer Tax Credit – The bill provides for up to an $8,000 tax credit to first-time homebuyers toward the purchase of a principal residence or up to a $6,500 tax credit to repeat buyers who have lived in the same home for five consecutive years toward the purchase of a new principal residence for homes under contract by April 30, 2010.
- Florida Housing’s First Time Homebuyer Program (FTHB). Qualified first-time buyers may receive a 30-year fixed interest rate mortgage loan through a network of participating lenders and lending institutions. Florida Housing offers down-payment and closing-costs assistance to eligible borrowers. Repeat buyers may also be eligible for this program if they purchase a home in a specially designated target area. The program uses income and purchase price limits to determine eligibility.