Homebuyer Tax Credit-2009

February 17,2009 2pm

The $790 billion stimulus package signed by President Obama today increases the home buyer tax credit to $8,000, drops the repayment feature, reinstates last year’s 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans, and provides $2 billion in additional funding for states and localities to be used to purchase, manage, repair and resell foreclosed and abandoned properties.

Homebuyer Tax Credit.

The bill provides for a $8,000 tax credit that would be available to first-time home buyers (those who haven’t owned in at least three years) for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment for buyers who hold onto their property for at least three years. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

Washington REALTORS®

Yes, I love here too.

Looking for accessibility, affordability and diversity? That defines the sometimes-overlooked, historically blue-collar South Beacon Hill neighborhood, where buyers can find a home in good condition for $350,000-$450,000, minutes from downtown Seattle. “We don’t have to listen to the traffic reports on the radio, since we can get downtown without using the freeway” says local resident David Nicholson, who also is a John L. Scott Real Estate agent. It’s a short trip by car or bus now and will be even faster when the new Sound Transit Light Rail opens next year, with its main route along Beacon Hill’s eastern edge and a station on North Beacon Hill. The resurgence of North Beacon Hill, home to Amazon.com’s headquarters, the Veterans Affairs Medical Center and bordering the Chinatown International District, started in the early 1990s.