Home buyers have until July, 2009, to take advantage of the $7500 tax credit offered by the Federal Government.  This home ownership tax credit is part of the Housing and Economic recovery act that began last year. If you purchased a home after April 9th, 2008, and fit the profile, you can also take advantage of this tax credit on your 2008 taxes. 

1.  There are income maximums of $75000 for individuals and $150,000 for couples and you must not have owned a house for the past three years. If your income exceeds that, but doesn't exceed $95000 for individuals and $170,000 for couples, then you can still take the credit but on a lesser basis.

2.  The amount of tax credit is a percentage of the home's price - approximately  10%- so you get 10% of the home price credited against your tax liability, up to a maximum of $7500. 

3.  You are required to pay the tax credit back in small increments over 15 years, and the repayment will be no more tha $500 a year.  Payments also will not start until 2011.  It is sort of like a 15 year, interest-free loan to help make home buying more affordable.  The National Association of Realtors is pushing congress to remove the repayment provision, making it a true tax credit rather than an interest free loan.  We are also asking congress to make this tax credit for all home buyers, not just first time. 

Check with your CPA to see exactly how this credit will affect you.

With the choices of homes for sale in the Greater Baton Rouge area, why not take advantage of all the tools available - tax credit, low interest rates, and a good number of choices in housing!! NOW is the time to BUY!!!

Call the Pat Wattam Team today to get started on you way to home ownership.