As most of us at Smith Mountain Lake know by now, our new president has a 2009 stimulus package signed and due to affect us all in this new year. There are many varying opinions of the good and bad in this new bill, and the debate about the pro’s and con’s will probably continue for quite some time.

However, one of the items in the stimulus package that seems to be a very good thing to most everyone in the real estate world is the ‘First Time Home Buyer Tax Credit’. While many folks live in nice enough homes which they rent or have been given by a family member, they have yet to buy their own home. Buying a home is a dream which many people feel is unattainable, especially in a place as lovely as Smith Mountain Lake. 

Perhaps with the Presidents new bill that will no longer be the case. This tax credit for first time home buyers does not have to be paid back as long as the buyer makes their new home their primary residence for at least 3 years. And the buyer can use the credit along with other first time home buyer programs (through VHDA).

There are many other details of interest for those considering a new home on the lake. For the complete details visit Kirk Greer & Team Maxx Real Estate website at http://www.teamaxx.com/Blog/First-Time-Homebuyer-Tax-Credit-Update.