Home Buyers' Tax Credit - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Tuesday, January 20, 2009

Home Buyers' Tax Credit

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President Obama says he wants to help main street, not wall street, with a stimulus package.   If approved, part of that package would include a $7500 tax credit for first time home buyers.

If you have not owned a home in the past three years this may be the right time for you to buy. Prices are way down and President Obama wants to put $7500 into your pocket.   If his stimulus package passes, first time home buyers could get a $7500 tax credit if they buy before July 1st.

Rob McNelis, President of One Stop Lending and Realty, says you can own many homes cheaper than you could rent them for right now. Write off your mortgage interest and Uncle Sam will give you an additional $3000 back come tax time.  McNelis says "with interest rates being at literally historic lows and adding to this a $7500 gift, if you will, from the government it really is the best time in the last 20 years."

President Obama wants that stimulus package on his desk signed by Congress by mid-february.

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