Lake Norman Real Estate’s Update on $8,000 Tax Credit

By now most every potential Lake Norman home buyer or seller has at least heard about the new $8,000 tax credit for home buyers included in the recently enacted Economic Stimulus Package signed into law by President Obama on February 17th.

Unfortunately, there is a bit of confusion regarding the details of this bill.  In short this bill:

• Makes available an $8,000 tax credit
• Is for first-time home buyers
• Is for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009
• Is different from the old tax credit of 2008 because it this new credit does not have to be repaid

In an effort to provide more detailed information to potential qualified home buyers, the National Association of Home Builders has launched a website: Federal Housing Tax Credit.  This new website includes four sections:

• Tax Credit at a Glance
• Frequently Asked Questions
• The Law’s Other Provisions
• Home Buyer Resources.

Hopefully this information will help potential Lake Norman first-time home buyers better understand how to enjoy this new incentive!