<![CDATA[First Time Home Buyers Score Big With New Housing Bill]]>First time home buyers will receive a nice gift from the Federal Government when they prepare their tax returns for 2008 or 2009.  The new tax credit will provide first time home buyers a tax benefit that is essentially a 15-year interest-free loan (up to $7,500 depending on your tax status) for first time home buyers purchasing a home between April 9, 2008 and June 30, 2009.  The benefit begins to phase out for single people earning more than $75,000 or couples earning more than $150,000.  The real benefit of this tax credit is that is reduces your tax liability dollar for dollar, thereby increasing your IRS refund by up to the program limit of $7,500.  So if you are getting back $1,000 on your tax return, it will increase to $8,500.  Or if you owe $5,000 to the IRS, you will still get back $2,500. 

For more information on how this new law will benefit you, please call Kevin Tinsley at All Tech Mortgage  (253) 472-1500.  Your Tacoma Mortgage Professional, Serving the entire Puget Sound Region.

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