The Don Edam Group | Real Estate Professionals Serving Minneapolis, Edina, St. Paul and Surrounding Suburbs

UPDATE (2/24/09): Revisions have been made to this bill with the American Recovery and Reinvestment Act of 2009.  After reading about this bill, read about the changes made here.

In this second post of our H.R. 3221, the “Housing and Economic Recovery Act of 2008″ Series, we talk about a provision included that allows most first time home-buyers to receive at $7500.00 tax rebate.  Make sure you read all the way through as there are some caveats and a TWIST.  Here are the details you need to know:

• The $7500 Tax Credit is available to firs-time home buyers that purchase a principal residence sometime after April 9th of 2008 and sometime before July 1st of 2009.
• The Credit is a “refundable” credit.  So, if you have a tax liability of $2000 next (more…)

Last Wednesday, President Bush signed H.R. 3221, the “Housing and Economic Recovery Act of 2008″ into law.  There are a bunch of items involved in this bill that may affect you as a current homeowner or a potential homeowner.  Here at The Don Edam Group, we’re going to spend the next 4 days pouring through the bill with you to give you the ‘ins and outs’ of each of the key provisions withing the bill.  We will begin this afternoon with a tax credit given out to certain first time home owners who qualify.  Stay Tuned…