Tax Credit Hoped to Entice First-Time Home Buyers

Featured on WKRN.TV News – Tax Credit to First Time Home Buyers

Thusday, February 19, 2009

Another interview with Brian Short (Tennessee Association of Mortgage Brokers Executive Director) by News 2 WKRN TV regarding President Obama’s announcement about the $8,000 tax credit being offered to  first-time home buyers for those who buy a house before December 1, 2009.

(Click on image above to see the video.)

Tax credit hoped to entice first-time home buyers

Posted: Feb 19, 2009 08:46 PM CST

2:24

 

   
 
 
 
 
 
 
 

In an effort to rebuild the real estate industry, first time home buyers or buyers who haven’t owned a home in three years are eligible for a tax credit under President Barack Obama’s newly unveiled housing plan.

“It’s a great incentive to get somebody either back into the market or to enter into market for first time,”  Brian Short, Executive Director for the Tennessee Association of Mortgage Brokers, told News 2.

The tax credit is worth 10% of the value of the home up to $8,000 from now until December 1.

“Those who have been waiting to buy a home, this is an ideal time to buy a home,” Short said.  “You’ve got motivated sellers out there right now and realtors and mortgage professionals have time to help you.”

The tax credit combined with lower home prices, lower interest rates and more houses to choose from makes it a great time to buy.

“It allows people to buy a good quality home at a price they may not have been able to afford in years past,” said Andy Voyles, Director of Operations for Elite Mortgage Services.

Individuals do not qualify for the credit if they make more than $75,000 a year and homebuyers would have to repay the credit if they sold their homes within three years.

Current homeowners can also get a tax credit of up to $1,500 by making their homes more energy efficient this or next year.

 

 

 

 

 

 

 

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