Riverdale – Starting April 9, 2008 and lasting until July 1, 2009, qualifying first time home buyers will receive a tax credit of up to $7500.00. The provision was made part of the Housing & Economic Recovery Act of 2008.
According to Charles Blumenkehl, president of Blue Realty GMAC, the largest independently owned GMAC real estate firm in New Jersey, “For aspiring first time home buyers who find fulfilling their dream of owning their home difficult to attain, this newly enacted initiative is an opportunity of a lifetime, not to be ignored”.
Blumenkehl continued, “But like so many opportunities, time is of the essence for buyers who want to take advantage of this outstanding opportunity”. He pointed out that only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible.
The tax credit, which is refunded to the home purchaser directly from their income tax payments or withholdings, works like an interest free loan and must be re-paid over a 15 year period. The amount of the tax credit is based on the tax filing status of the buyer and the home purchase price. For more information call your local Blue Realty GMAC office at (800) 936-SOLD(7653) or contact the IRS directly.
Blue Realty GMAC has nine offices serving most of New Jersey. For more information about Blue Realty GMAC or to search houses in your area, logon to www.bluerealty.com
