This is a great opportunity for a first time home buyer or one who has not owned a home in the past 3 years.  It is really a double bonus with home prices down to 2005 levels here in the Portland metro area, not only is the home buyer getting a great price, but a credit back from uncle same for making a great investment.  Not one that will need to be paid back unless you sell your home within the first 3 years of home ownership.

Income restrictions apply – for singles 75K or 150K for married filing jointly.   For more detail check out http://www.robertanopson.com/2009-home-buyers-tax-credit.html  or email me and I will forward my home buyers tax credit fact sheet.  Info@lakeoswegohomesellers.com .

To bad the original $15,000 plan with no income restrictions did not pass.  An even better plan would have been one that did not have the first time/3 year limit attached.  Letting home sellers move their current home and then buying their next home and being giving the tax credit.  That would be a stimulous.

Not that this will be the cure all, it is a step in the right direction.  Every home buyer was a first time once.  It can be a very exciting time.  Pricing is down, interest rates are down, and a tax credit, not to mention the tax deduction your new home will give you!

NOTE – I am not a tax professional in this life or the last one….  For tax advise always consult your tax professional.  If you choose to go it alone, remember I told you to seek advise!