Great News!! On February 3, 2009 the American Recovery and Reinvestment Act of 2009 was passed by the Senate.
Our government needed to stimulate the economy with a big time tax credit to home buyers and now it looks like it may be coming!
The Senate has passed a tax credit of up to $15,000 for families or individuals that buys a house in 2009. The actual credit is for 10% of the purchase price up to $15,000. For the NC Home Buyers this is good news, there are numerous properties available for under $150,000.
This bill does not distinguish between a first time home buyer or a repeat home buyer as long as the home purchases a principle residence, so there will be no investment properties buyers that will qualify.
The American Recovery and Reinvestment Act of 2009 is supposedly a real tax credit that does not have to be repaid (but there are stipulations).
DV Wise is not not an tax expert, advisor, or financial expert. Consult a professional adviser for additional information prior to purchasing a home.