How the Stimulus Bill Can Help You Buy Troy Michigan Real Estate

Posted in Troy Michigan Real Estate by Michigan Real Estate Expert on March 26th, 2009

There are several indications that the new stimulus bill passed by Congress will have a positive influence on the struggling housing market. If you are considering buying your first home and would like to purchase Troy Michigan real estate, the stimulus plan may help make that happen.

How the Stimulus Bill Stimulates the Bottom Line

The biggest effect the stimulus plan will have on new home buyers is a tax incentive. We all want to get more money back on our tax returns and the stimulus bill has an $8,000 tax credit for first-time home buyers purchasing Troy Michigan real estate in Oakland County.

How You Qualify

In order to qualify for the stimulus tax incentive you must:

  • Not have owned a home in the past three years.
  • Use the new home as your primary residence.  
  • Have an income of less than $75,000 per person or $150,000 per couple.

No action is necessary other than reporting the purchase on your income tax filings.  You must keep your home for at least 36 months in order to not have to pay back the incentive in the following tax year. If, however, you keep your new home for 36 months or longer you never have to repay the incentive.

There is no cap on return for this incentive either. Even if you would not normally be entitled to the full amount according to your taxable income level, you will still receive the entire $8,000 amount in return.

Purchase Troy Michigan Real Estate and Stimulate Interest

The stimulus bill also gives first-time home buyers a chance to get into those big ticket houses. Houses with market values over $417,000 will be eligible for lower interest rates to make them more affordable. The luxury home industry has stagnated in the failing real estate market and this should give it a vital boost.

President Obama’s stimulus plan is serious about improving the housing market. The bill gives people looking to buy Troy Michigan real estate reason to hope. 

Interested in more information on how the stimulus plan can help you purchase a home?  Call me at 248-514-2640 or email info@NorthWoodwardHomes.com.  I’ll never share your contact information with anyone for any reason.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

2 Comments »

  1. Lee’s Blog » Blog Archive » Troy Michigan Real Estate Buyers Can Get A $8,000 Boost From The Stimulus said,

    March 30, 2009 @ 8:33 pm

    […] gives first-time home buyers a tax credit of $8,000! Whether the Troy Michigan real estate you purchase is new or a re-sale there are always things you can do to make improvements. Here are a few ideas […]

  2. Lee’s Blog » Blog Archive » Troy Michigan Real Estate - Rent or Buy a Condo said,

    April 27, 2009 @ 7:43 am

    […] that you pay every year on your income taxes. That can be a sizeable amount of money.  If you buy your first home in 2009, you get an even bigger tax break of $8,000 as a result of President Obama’s stimulus […]

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