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uncle-samThe 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!”

  • Buyer’s market
  • Really low mortgage interest rates
  • High inventory levels.  Plenty of home options
  • Depressed, low prices (buy low, sell high) 

Please contact me if you have more questions or need help.Throwing Money

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!

 Home Buyer Advocate Mike

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