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The first time home buyers tax credit – revised explanation

February 20th, 2009 · 4 Comments · first time home buyers, macomb county MI, Tax credit for first time home buyers in Macomb County MI, tips for home buyers

When the Economic Stimulus bill was signed by President Obama it contained a revision to the 1st time home buyers tax credit.

2 key points: The credit is now worth up to $8000 and it does not have to be paid back unless you sell the home within 3 years of the purchase.

Please click on this link $8000 first time home buyers tax credit for Macomb County MI to download a .pdf version of this revised first time home buyers tax credit chart.

If you have questions about any of these changes please don’t hesitate to contact me.  No pressure – just conversation.

~Kris Wales~  A Macomb County MI real estate agent

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4 responses so far ↓

  • 1 Jill Klunk // Feb 22, 2009 at 4:42 pm

    Hi Kris,

    Great article and I especially like the “FirstTime Home Buyers Tax Credit” chart. Your market is surely very challenging, I recently sold my Dad’s home in Warren, and it was a real challenge.

    Jill Klunk, Conway SC

  • 2 Kris Wales // Feb 22, 2009 at 5:41 pm

    Hi Jill,

    Thanks for stopping by and commenting. Yes, it is a real challenge here and hopefully the first time home buyers tax credit will help to move some of the homes that have been sitting on them market waiting for a new owner.

    Congrats on the sale of your Dads home!

    Kris

  • 3 Brian Powers // Feb 23, 2009 at 11:07 pm

    I sure wish they’d change the name of this tax credit. Almost everyone I talk to takes the meaning of “First Time Home Buyer” literally, when really it means anyone who hasn’t owned a principal residence in the 3 years prior to purchase.

  • 4 If I owned a home 4 years ago how can I be a first time home buyer? Some clarity about the $8000 tax credit | Chat about Macomb County MI real estate & Homes for sale search site // Mar 1, 2009 at 5:57 am

    […] Brian Powers, a real estate agent in Chesterfield Township, brought up a good point about the $8000 home buyers tax credit that was recently passed by President Obama. […]

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