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Time is Running Out For the $8,000.00 Tax Credit...

Time is running out for your clients who want to purchase a home this year and utilize the $8,000.00 tax credit.  To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.   Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.) Applying for the credit is easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.
If you have anyone that has been sitting on the fence, NOW is the time to get them out looking at homes and using this deadline of closing by November 30th as a tool!!  With the new Reg-Z requirements requiring the borrower to have the initial ... more

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