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President
Bush signs bill authorizing new tax credit for home
buyers
President
Bush has signed the Housing and Economic Recovery Act
of 2008, a bill that will assist an estimated 400,000
homeowners facing foreclosure by allowing them to refinance
their current mortgages with a Federal Housing Administration-backed
loan. The bill also permanently increases the conforming
loan limit to as high as $625,500.
Another
part of the bill includes a temporary tax credit for
first-time home buyers of up to $7,500 for those who
purchase between April 9, 2008, and July 1, 2009. This
credit is available to anyone buying their first house
or anyone who has not owned in three years. Single taxpayers
with incomes up to $75,000 and married couples with
incomes up to $150,000 qualify for the full credit.
A home is eligible for the credit if it is any residence
that will be used as a primary residence (single-family,
townhouse, condo, etc.)
Learn
more about the bill
Learn
more about the tax credit
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