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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!
My Buyer Broker Advocate! 
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