Feb 18, 2009

Federal Stimulus Bill

Excellent time to buy a home in the Heart of Peoria

FIRST-TIME HOME BUYER CREDIT First-time home buyers are eligible for a refundable tax credit equal to 10 percent of the purchase price of their home, up to $8,000, if they made the purchase after Jan. 1, 2009, but before Dec. 1, 2009.

Unlike a similar credit that Congress provided last year, you don’t have to pay this one back over 15 years. The new credit, however, does phase out for individuals with incomes over $75,000 or married couples with incomes over $150,000 who file their taxes jointly. Also, you forfeit the credit if you sell the house within three years.

More info here:


In addition to the Federal Tax credit, the city has programs that help persons of moderate income buy homes._

City of Peoria programs to help home buyers are shown on the links below:

Housing Rehabilitation Form
For development and management of residential rehabilitation programs in community development areas, including loans and grants, contact Neighborhood Development, Twin Towers, Room 402, 494-8656.
Or contact your local banker.