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First Time Home Buyer Stimulus - A Wedding Gift From Obama
Family and friends have probably showered you with gifts; newlyweds often start out with beautiful household items and no house to put them in! President Obama has passed a bill that just may be the best wedding gift you will receive. If you have not owned a house in the last three years, you could qualify for the 10% tax credit on the purchase of your home!
If you purchase a home in the current economic recession, you will be enjoying a buyer's market. The housing market has responded to the recession, as usual, and housing prices are extremely under normal market value. Foreclosures are at an all-time high rate. Houses are sitting vacant all across the United States. You will be able to purchase a home of your dreams for much less investment.
If you qualify for President Obama's tax credit, you will also be receiving a lump sum of money on your tax return that you can invest back into the house to further reduce the principal of the loan. You could also pay off outstanding high-interest debts, if you desired. Regardless, this tax credit could go a long way to helping you get off to a good financial start as a couple.
There is no paperwork to apply. You just take the tax credit on your tax return, if you qualify. You must make less than $75,000 a year for a single person and $150,000 for a couple. The home must be purchased and closed before December 1, 2009. The maximum amount of the tax credit is $8,000 and it is a refundable tax credit. This means that you don't have to make that much to claim it; it can come to you as a refund!
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