Yesterday President Obama signed into effect the Economic Stimulus Act. A portion of that is targeted to help the failing housing market and stabilize values in neighborhoods, by giving first time homebuyers a tax credit. Some Things to Know: (1) First Time Homebuyers for Principal Residence (2) Calendar year 2009 only (3)There are Income Limits. (4) It's Refundable even if you don't have that much tax liability (5) Buyers have to own the home for at least 3 years or return the credit if they sell early. While more details of this opportunity will be forthcoming, here's a summary to get you started planning from U.S.News and World Report's Luke Mullins.
Don't wait! With record low interest rates combined with this tax incentive, there's never been a better time to own your first home!