Panama City Real Estate - First time home buyers tax credit

If you are first time home buyer, this may be of special interest to you.

On July 30, 2008 President Bush signed housing bill H.R. 3221 into law.

What this bill is:

Basically, this bill provides a temporary “tax credit” for first time home buyers. Please note that this “tax credit” is unlike most other “tax credits” and must be payed back over 15 years with interest.

Please confirm all tax changes and eligibility requirements with a qualified tax professional prior to making any tax related purchases.

How much credit is available:

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Good news for Panama City Real Estate First time home buyers…

Panama City Beach Real EstatePer an article published by FAR (FLORIDA ASSOCIATION OF REALTORS®):

New law gives first-time buyers $7,500 tax credit…

Tell first-time homebuyers it’s time to commit: A provision of the recently-passed federal housing recovery bill gives first-time buyers an interest-free loan of up to $7,500 in the form of an income tax credit.

The credit equals 10 percent of a home’s cost up to $7,500, and applies to any single-family residence (including condos and co-ops) to be used as a buyer’s principal residence.

Read the full article here.

Other news 

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Panama City Real Estate and the HOP program

Now that Leslie Newmans is on board the team, she is associated with a program many of you may be interested in.

It’s called the HOP program, and here’s how it works…

Home Ownership Pool (“HOP”) Program

Program Overview

Florida Housing Finance Corporation’s HOME OWNERSHIP POOL (“HOP”) PROGRAM is designed to be a noncompetitive, ongoing program, with qualified Developers reserving funds for eligible home buyers to provide purchase assistance on a first-come, first-served basis in purchasing an affordable new home. Florida Housing will provide funds in the amount necessary.

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