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Economic Stimulus Plan will help the Colorado Springs housing market
Economic Stimulus Plan
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Many potential Colorado Springs home buyers are on the sidelines; waiting to see what happens with the economy. The stimulus plan certainly provides a good incentive for first time home buyers in Colorado. Add that to lower prices and low interest rates, it all equates to a great time to buy.
Also, According to an article in the Denver Post , “President Obama will come to Denver to sign the landmark economic-stimulus bill. The bill-signing, an unusual event outside of Washington, will be Tuesday at the Denver Museum of Nature & Science in City Park. The president also will give a speech about the economy. ”
To summarize, here are the key points of the Stimulus Plan:
- The first time home buyer tax credit is now $8000. It is a true credit. A first time home buyer is classified as “may not have owned a principal residence in 3 years previous to purchase”.
- It eliminates the repayment requirement of earlier legislation in of the tax credit passed last summer.
- When you sell the house with less than 3 years of ownership, you will have to repay the credit.
- The bill has over $50 billion in it for foreclosure mitigation.
- The full credit is available to those making $ 75,000 or less ($150,000 for joint filers).
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
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