Home Buyers to Receive Huge Tax Credits

March 2, 2009 12:00:00 AM PST
The housing industry is relying on new tax credits to help rebound from the recent bust.Starting now, people buying newly built homes in California get a $10,000 dollar tax credit, over three years. The national stimulus package also included an $8,000 dollar federal tax credit for first-time home buyers.

Families are visiting new housing developments in Fresno, looking to jump at the chance to get big money back. "Now that we got the tax credits, low down payments and low interest rates; everything seems to be the perfect time to buy," said first time home buyer Kris Woods.

Builders are now competing to get buyers in while they can still count on the $10,000 dollar tax credit. It only applies to the first 10,000 people to buy new homes. But it doesn't have any income caps, so anybody can qualify, as long as they're buying a brand new home.

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