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Reminding Residents Time is Running Out on First-Time Homebuyer Tax Credit
Bozeman, MT (Grassroots Newswire) September 28, 2009- People considering the purchase of their first home may be missing a valuable opportunity if they delay much longer, according to Robyn Erlenbush, local ERA® representative. The American Recovery and Reinvestment Act of 2009 included an enhanced First-Time Homebuyer Federal Tax Credit, a housing stimulus that provides a maximum tax credit of $8,000 for first-time home purchases.
"The credit is due to expire November 30, and given the time it takes to find a home, secure financing and close on a property, potential buyers should act without delay," Robyn Erlenbush said. However,Robyn Erlenbush points out that to be eligible for the tax credit, qualified first-time buyers must purchase and reside in the principal residence before December 1, 2009. Other eligibility requirements apply, including income limits, but individuals who exceed the limit may be eligible for a partial credit. Buyers should seek advice from a professional tax advisor for specific tax calculations. Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market, 350,000 of whom would not have purchased a home without the credit, according to the National Association of Realtors® (NAR), a leading advocate ... more

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