1st Time Home Buyers Get Your $8,000 Tax Credit Now!

By now you should be aware that Spokane first time home buyers have the opportunity to be “gifted” up to $8,000 if you meet the qualifications of not owning a home within the past 3 years. This $8,000 was thought to be a great way to stimulate the economy but approximately half of 1st time home buyers don’t have adequate funds for their down payment. The original plan for this stimulus package was to have the $8,000 as a tax refund, so the money would not be able to be used until after filing a 2009 tax return.

Washington REALTORS® believe that it would better serve today’s home buyers if that money was accessible now! Wouldn’t that be nice to have your $8,000 tax refund early for closing? Your cries have been heard; a bill to make it possible is currently being reviewed by Governor Gregoire and waiting to be signed. The time frame for approval is about 30 days. This bill would give first time home buyer’s their tax refund now in the form of a short-term loan, or a bridge-loan. It would amend the State’s approved biennial operation budget creating a new Tax Credit Advance Loan Program. The loan would be courtesy of a $25 million deposit from the State Treasurer to the State Housing Commission. This short-term loan would be automatically repaid once your taxes are filed.

Washington is the first state to propose this creative plan and it may be just what the housing market has needed. There is great potential for this economy boosting program to catch fire and pass throughout the nation. What better place to start with than locally and what better time than now!