Do I qualify for govermnent stimulus offers for buying a house?
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Last updated: Oct 01, 2009
Q
It is my understanding that the government will give anyone who has not purchased a house in three years or more a certain amount to stimulate the growth of the housing industry. I am getting ready to buy a house --- would I qualify to get this benefit even if I am 65 years or age or more?
Often the government has a number of restrictons to qualify for the stimulus -- please advise what they might be.
A
Steve Weisman hosts the nationally syndicated radio show A Touch of Grey, heard on more than 50 stations, including WABC in New York City...
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The law to which you are referring is the first-time homebuyer tax credit that Congress established last year and was extended as a part of the Economic Stimulus Law recently passed into law. The tax credit is a maximum of $8,000 and it is calculated by taking 10% of the purchase price of your home to a maximum credit of $8,000. This credit applies only to homes purchased during the year 2009.
Using logic that only a Congressman could understand, the first time homebuyer tax credit is available to anyone who has not owned a principal residence within the last three years. There is no age qualification. So if you meet the other qualifications, you would be eligible for this tax credit.
