Stimulus Package Concerning Buying Or Building A Home

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Stimulus Package Concerning Buying Or Building A Home


Apartment Listing  

President Barack Obama’s new economic stimulus package is to benefit one and all in the real estate scenario. Several people who have a lower bracket salary can now look forward to buying new homes with the help of the package which gives amazing tax credits.

Any person who has bought a home in the last year or this year is eligible for the package. This package allows that person to take a tax credit of nearly $8,000 per year as a part of the package. In order to be eligible for the package, the person’s yearly income should be less than $75,000. If it is a couple, then their joint income should be less that $150,000 a year. Most of the Americans actually fall under this income bracket and also most people whose houses have been foreclosed also fall in this income bracket. So the economic stimulus package is smart enough to cater to the people who have been most affected and deprived.

If a person buys a house under the package and then sells it within 3 years, he or she would need to pay back the tax credit after the sale. The stimulus package has been mainly designed for people who cannot afford to buy a house as of now in the current economic conditions. This is also provided to prevent people from making undue profits from the stimulus package and converting it into a business. People may buy homes and avail the tax credits and make a profit out of sale later if this rule is not applied.

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Stimulus Package Concerning Buying Or Building A Home