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The clock is ticking down for first time home buyers. You need to act NOW to make sure that you don’t miss out on the $8,000 from Uncle Sam.
Here is the fast, quick information you will need to see if you qualify for the $8,000 tax credit for first-time home buyers from The American Recovery and Reinvestment Act of 2009.
- You must be a first time home buyer, defined as not owning a home in the past 3 tax years.
- Tax credit amount is 10% of the sales price of the home up to a maximum of $8,000.
- There is NO price limit on the sales price of home.
- Maximum income to receive FULL tax credit is $75,000 for a single person, the limit for married couples is $150,000.
- You can receive a PARTIAL tax credit for income levels up to $95,000 for a single person and $170,000 for married couples.
- There is no payback or penalty as long as you stay in home as your principal residence for 3 years.
- You must CLOSE on your new home on or after January 1, 2009 or before December 1, 2009.
***IMPORTANT: Congress passes tax credit extension. Must have binding sales contract dated on or before April 30, 2010 and close on or before June 30th, 2010.
This is the quick & dirty information that you need right now for the $8,000 Tax credit. For more detailed information you can go HERE.
It is a great time to be a home buyer. This is the perfect time to by a home, especially 1st time home buyers, as long as your job is secure. If you feel safe in your current employment/job, then there are just so many positive reasons to now buy a home. Don’t miss the “gravy train!”
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Buyer’s market
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Really low mortgage interest rates
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High inventory levels. Plenty of home options
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Depressed, low prices (buy low, sell high)
Please contact me if you have more questions or need help.
IMPORTANT: I’m just trying to help the “average Joe home owner” to understand the new $8,000 tax credit. I have to put this” CYA” disclaimer in my post. Please consult a tax professional or accountant for more details and eligibility questions regarding the $8,000 1st time home owner tax credit. I’m not an accountant or tax professional.
Good luck out there!
Great article in this past Sundays, The Columbus Dispatch newspaper about home inspections. “Inspector aims to open eyes”. Local home inspector, David Tamny of Professional Property Inspections will be the new president of the American Society of Home Inspectors (ASHI).
David has been a home inspector on our company approved list for nearly 13 years. His company web site is also on my blog roll link on left. David is a very competent home inspector.
Suprisingly, home inspectors in the state of Ohio are still not licensed. Home buyers have to be very careful when selecting a qualified home inspector. A good option for home buyers to find a qualified home inspector is to check and see if the inspector is a member in good standing with one of the two big professional trade associations.
National Associaton of Home Inspectors (NAHI) and American Society of Home Inspectors (ASHI) are the two largest home inspector trade associations in the United States. David Tamny will be the new incoming president of the 5,800+ member AHSI.
Make sure you take a second to read the article link on home inspections. It is great information for possible home buyers.
Please feel free to contact me if you need help or have questions
My Buyer Broker Advocate! 
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