Articles on Stimulus Package

New Home Loan Tier: Stimulus Package Tax Incentives Just Got Better

dollarThe $8K home-buyer tax incentive is a great opportunity... and lawmakers are making it easier and easier to attain. Home loans between $417K and $730K are in a new "sub-jumbo" category that's now eligible for the $8K incentive. Also, sub-jumbo interest rates have been nudged slightly lower than those of jumbo loans. This sub-jumbo tax incentive deal is only valid through the end of this year, so plan accordingly. Good time to buy or refinance?

How the New $8,000 Home-buyer Tax Credit Works

Home buyer tax credit in New York CityFirst-time home-buyers who buy between now and November could get either an $8K or 10%-of-home-value tax credit, whichever is lower. Remember: it's a dollar-for-dollar tax cut, not a liability reduction (which would only save you a paltry $1K).

So, let's math out the $8K part.

If you owe $8K in income taxes and qualify for the $8K tax credit, you owe nothing ($8K-$8K=0). I know what you're thinking, and the answer's yes... If you're liable for $3K in income tax, you'd instead get a check for $5K ($8K-$3K=$5K).

The First-time Home Buyers Tax Credit Makes Apartment Buying a Little Sweeter

homeHere are some important changes to the Home Buyers Tax Credit Bill which could benefit those of you who are considering buying a New York apartment in the coming months. How will it effect Manhattan Real Estate? The modified Home Buyers Tax Credit states that first time buyers and those who have not owned a home for the last 3 years will be eligible for up to an $8000 tax credit;