By now you may have heard that some home buyers this year will qualify for
$8,000 in free government money. But you may not know about the catches that will greatly limit who is eligible.
The Good NewsIf you bought a home for the first time during the first two months of this year.....or you plan to buy before December...You may qualify for a tax credit that will put 8-grand in your pocket.
It's part of the government stimulus package...and the latest attempt to jump start the dismal housing market.
What they may Not be Telling YouBut some caution before you rush out to cash in on that new home buying credit.
- To qualify, first you must buy a home between January 1st and December 1st, 2009: note that it does not last the entire year.
- Second: the house must be your main residence, and cost more than $80,000. so investment property won't qualify. Under $80,000, there is a reduced credit available.
- Third: You cannot have owned a home in the past 3 years, which limits many buyers.
- Fourth, you must stay in the house 3 years, or pay it back (to prevent people from using this to "flip" houses)
- Finally,the good news is that you will not have to repay the $8,000.
Doesn't that Stink?Now the bad news: if you bought a house last year for the old $7,500 credit-- which sounded good at the time.-- you will have to pay that one back. Its called tough luck. I say "doesn't that stink."
And don't waste your money. I'm John Matarese.
