An $8,000 Reason to Buy a Home Now!
By Ellen Bithell
Thinking about buying a home? Act now and the government will give you FREE MONEY in the form of a tax credit or down payment. No, you’re not dreaming!
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8.000 to first-time home buyers.
You have until November 30, 2009, to find a home, secure financing and close the transaction to receive your $8,000 tax credit/down payment assistance.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009 and qualify as a first-time homebuyer, the buyer or his/her spouse may not have owned a residence during the three years prior to the purchase.
I do suspect that the time period will be extended and there is even talk of the amount increasing, but these are the current guidelines:
Which Properties Are Eligible?
The 2009 First-Time Homebuyer Tax Credit may be applied to primary residences including single family homes, condos, town homes and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for homebuyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home up to $8,000;
The buyer’s income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 may receive the maximum tax credit.
If the Buyer’s Income Exceeds these Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly.
Will the Tax Credit Need to Be Repaid?
No, the buyer does not need to repay the tax credit if he/she occupies the home for a minimum of three years.
For more information please don’t hesitate to contact me directly at: ellenbithell@remax.net
Write a book, attract more clients and build a profitable online business and more. Free “Women Helping Women Learn in Your Pajamas” Teleseminar series at www.womenhelpingwomenmastermind.com/learn.html .Ellen Bithell is a staff writer for WomenHelpingWomenMastermind.com. She is a realtor in South Florida with the Bithell-Stalmach Team. Contact Ellen at 954-862-2631 or email her at ellenbithell@remax.net