Today, House Bill 261 was signed by Governor Sonny Perdue. This bill provides an $1800 tax credit which would be taken over three years. This bill is immediately in effect and is meant to spur the housing market. The amount of the credit will either be $1800 or 1.2 percent of the purchase price (whichever is less).
If you are a first time home buyer, this tax credit would be in addition to the $8000 federal credit. Eligible properties include single family residences including condos, previously occupied homes that were listed for sale before May 11, 2009 and are still listed, and bank owned properties. The bill did not include investment properties.
The goal of this bill is obviously to provide an incentive to move current inventory and to get would be home buyers back in the game. If you, or anyone you know, are ready to purchase a home, Signature Lending Group would love an opportunity to earn your business and to help you take advantage of the new tax savings. We are more than willing to hold your hand throughout the entire process. Call us anytime at 678-387-5580.
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