There are several indications that the new stimulus bill passed by Congress will have a positive influence on the struggling housing market. If you are considering buying a Santa Cruz home for the first time the stimulus plan may help make that happen.
How the Stimulus Bill Stimulates the Bottom Line
The biggest effect the stimulus plan will have on new home buyers is a tax incentive. We all want to get more money back on our tax returns and the stimulus bill has an $8,000 tax credit for first-time home buyers purchasing a Santa Cruz home.
How You Qualify
In order to qualify for the stimulus tax incentive you must:
• Not have owned a home in the past three years.
• Use the new home as your primary residence.
• Have an income of less than $75,000