Home Buying in 48168>Question Details

Mark Z, Home Buyer in Northville, MI

Any tax rebates coming for new home purchaes to jump start the market?

Asked by Mark Z, Northville, MI Fri Dec 12, 2008

Help the community by answering this question:


I posted a break down of the new tax credit as it compares to the old tax credit for those interested in looking at something a little easier to understand:

0 votes Thank Flag Link Fri Mar 13, 2009
There is an up to $7500 tax credit available on the purchase of a home if you are a new home buyer (that is, haven't owned a principle residence in the last 3 years). The tax credit is for 10% of the purchase price, up to $7500 and is available currently through June of '09. The credit does have to be repayed over time so it is more like a loan. It is a great opportunity however and you can read more about it at: http://www.federalhousingtaxcredit.com . It is a great time to be a buyer; low interest rates are available and plenty of inventory at affordable prices!
0 votes Thank Flag Link Sat Dec 13, 2008
A current rebate exists for first time home buyers. It expires mid-2009. The local builders' association, Building Industry Association of Southeast Michigan, has a nice discussion of it on its website. See http://www.builders.org or http://www.nahb.org/timetobuy. In addition, Palazzolo Brothers, a Detroit Area builder, is offering to match the $7500 rebate. Check out Palazzolo Brothers' new subdivision River's Edge in Canton.
0 votes Thank Flag Link Fri Dec 12, 2008
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