A Tax Break for First Time Home Buyers?
March 6th, 2008 categories: Real Estate News
Here is some good news for first time home buyers-as a part of the governments stimulus package.
According to the National Association of Builders:
“A proposed new provision in the planned economic stimulus package would offer a tax credit for home buyers. If enacted, it would help reduce the large amount of new housing inventory currently on the market”
Lawernce Yun, chief economist for the NAR-National Association of Realtors states
“It would be particularly helpful to first-time buyers, more first-time buyers are creating a chain reaction in the market, allowing more current homeowners to trade up into their next home. A tax credit for first-time buyers could give them a boost in confidence, counteracting their worries of home-price drops to come.” “People will realize that the worst in housing is coming to an end if they see bold measures,” Yun added.
Additionally it was announced today that HUD Releases New FHA, Conforming Loan Limits
For more information on the Loan Limits in your county here is a chart of the new FHA conforming loan limits
