Tax Credit Details.

By
Real Estate Broker/Owner with u s spaces, inc./arrivvaTM, u s loans mortgage, inc. BRE#0157615

Details are starting to trickle out about the tax credit about to be signed into law this week by president Obama.

The credit will be 10 percent of the value of a home, up to $8,000 and would cost the government an estimated $6.6 billion.

It would start phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.

Buyers would have to repay the credit if they sold their homes within three years. 

 

Posted by

Fred Glick

CEO, Broker/Owner, Multi-state Licensed Real Estate Brokerage U S Spaces, Inc./Arrivva
CEO, NMLS Certified Mortgage Brokerage U S Loans Mortgage, Inc. NMLS 51022/133975

215.238.9400 East Coast
310.741.7169 West Coast
http://fredglick.com

Licensed Real Estate Broker PA- U S Spaces, Inc. 2158298850, CA Dept of Real Estate BRE#01507615 , NJ Licensed Real Estate Salesperson

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Rainmaker
204,772
Pat Tasker
Shorewest Realtors - Germantown, WI
Your Milwaukee Metro Area Agent (WI)

Thanks for the update and details...

Feb 15, 2009 08:13 PM #1
Rainmaker
247,746
Mike Klijanowicz
Baltimore & Harford County Maryland - RE/MAX AMERICAN DREAM - Perry Hall, MD
#1 Baltimore & Harford County Maryland REMAX Agent

I had several first time home buyers at my open house today and ALL of them said they were out looking because of the tax credit.  I think they are onto something with this...

Feb 15, 2009 09:13 PM #2
Rainer
33,634
Zilkia Olmeda-Martins
RE/MAX North - San Antonio - San Antonio, TX
GRI, Realtor, San Antonio Texas Luxury Homes

Interesting.  Can't wait to review the entire plan.  Thank you.

Feb 15, 2009 09:14 PM #3
Rainmaker
79,802
Fred Glick
u s spaces, inc./arrivvaTM, u s loans mortgage, inc. - Santa Monica, CA
CNBC® regular, real estate & mortgage broker/owner

Great to hear Mike!

Suggestion- show people that they can take home a lot more money because they don't need to have as much taken out of their pay checks!

Feb 15, 2009 09:19 PM #4
Rainer
178,939
Mark MacKenzie
Phoenix, AZ

I am going to go out on a limb and say that this tax credit will have about the same impact that the first one did.

Feb 16, 2009 09:52 AM #5
Rainmaker
468,836
Janice Roosevelt
Rory Burkhart Team, Keller Williams - West Chester, PA
OICP ABR, ePRO,Ecobroker

So glad they left this in. It is a shame they wiped out the $15k credit for all

Feb 18, 2009 06:27 AM #6
Rainmaker
85,344
Sharon Harris
Coldwell Banker Select Pros. - Hanover, PA
Realtor

There is going to be lots to keep a eye on in the next few months... Good and bad

Feb 21, 2009 10:35 AM #7
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Rainmaker
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Fred Glick

CNBC® regular, real estate & mortgage broker/owner
CNBC Regular, no dual agency brokerage!
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