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First Time Home Buyers Tax Credit PDF Print E-mail

This is an outstanding opportunity for the First Time Home Buyers.

The Congress has signed into law the legislation providing first time home buyers with a credit of $8000!

Time is of the essence. The home purchase must happen before December 1st, 2009. This is really not a lot of time to check one's credit report, FICO Score, take care of needed repairs or corrections, find a responsible and reputable mortgage lender, shop  for most suitable financing option, finding friendly and knowledgeable Realtor, start the house search quest,  arrange for sale of a current house, include vacations, save for down payment, everyday life etc, etc...all of these take a lot of time and lots of planning.  To find information about location, neighborhood, schools etc is not an easy and quick task. But don't worry. You are not alone, you have a friend in the business!

Let's meet together and I will help you plan for new home ownership.

FIRST TIME HOME BUYERS TAX CREDIT TOP 10 LIST

  1. Amount of Credit - 10% of purchase price, not to exceed $8,000
  2. Eligible Property - Single family residence (principal residence)
  3. Not Refundable- Reduces or eliminates income tax liability, will receive refund for unused amount
  4. Income Limit - Single taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
  5. First Time Home Buyer - Purchaser and Purchaser's Spouse may not have owned a principal residence in three years previous to purchase
  6. Revenue Bond Financing - Purchasers who utilize revenue bond financing can use credit
  7. Repayment - no repayment for purchases on or after January 1st, 2009 and before December 1st, 2009
  8. Recapture - If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009
  9. Termination - Program expires on December 1st, 2009
  10. Effective date - Effective as of January 1st, 2009 

Call us if you need additional information or have a question...877-778-3612
 
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