I think everyone should be aware that there is an 8,000.00 tax credit on the table for "first time homebuyers" I'm pretty sure the clock resets every three years, so if you've been out of a mortgage for three years you will qualify. If you have multiple properties and children or friends you trust you could also sell these properties to them if you can wait three years to have the deed transferred back. On an investment property, being given 8 grand (a tax credit is the same as a check) is not small potatoes.

-sudo

Great deal. No idea why it's necessary from a governmental perspective though. It's already the best time in the last 50 years to buy a house. Prices are low, interest rates are low. Another eight grand is a great deal. But, from stimulating the economy perspective, if you're anywhere near the point where it's time to buy a house, now's the time with or without an $8K tax break.

Sounds like another stupid Obama idea. Only, somehow this one got passed.

Really, the clock resets at three years?

So I could buy a new home and a new car this year and be how far ahead? 8 for the house and 2 or 3 for the car.
heh

Believe it or not, yes. It's ridiculous. Consult your tax advisor.

hmmmn...:writes email to bodymiracle.: