Okay all you first-time Seattle home buyers! The federal government released this tax credit last summer, however it's an important one to remember now that the new year has arrived. While the tax credit is a huge bonus for would-be first-time home buyers, it's not going to last forever. As it stands now, a buyer must close on their new house by July in order to qualify for the $7500 tax credit.
The Seattle Times published a recent article outlining some of the highlights of the credit. Remember: If you haven't owned a house in the last 3 years, you are considered a first-time home buyer and can qualify for the money! This makes buying your first house in Seattle even more enticing when you can receive money from Uncle Sam instead of owing him. Currently, this credit acts as a no interest loan. However I've heard some rumblings that part of the rumored stimulus package from the incoming administration will specify all or a portion of the credit will not need to paid back. Even better!
Read the full article here.
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