Due to the economic stimulus plan, buying now offers many benefits for first time home buyers. It will be beneficial to you and your clients to make sure that they are educated on the current changes and how they can benefit from them.

1. $8,000 for first time home buyers: The economic stimulus plan includes a tax credit of up to $8,000 for first time home buyers. Not only do you have to be a first time home buyer but they must use the property purchased as their principle residence. The great thing about the $8,000 tax credit is that it does not have to be repaid like the previous $7,500 tax credit.

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Posted by Lisa Jackson on 03/28/2009 11:32 AM   Comments (3)   First Time Homebuyer Tax Credit in the ActiveRain Channel  
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3 Comments on Economic Stimulus What First Time Home Buyers Need to Know

MAR
28
2009
294,635 Points 6 Featured Posts Attended Rain Camp Called Shot Master

Lisa,

 

Sorry to correct you here but you are not completely right about this one.  The credit is for first time homebuyers as you state but you can be a first time homebuyer if you didn't owe a home in the last three years.  You are right: it applies only to the principle residence.

 

The tax credit is 10% of the purchase price up to a maximum of $8000 (whatever is lower) and that is important to know especially if your buyers are looking at lower prices homes.
12:48pm • #1

Anja,

Thank you for pointed that out. I have changed the article to reflect that. If you have any other comments, please let me know.
1:10pm • #2
MAR
31
2009
294,635 Points 6 Featured Posts Attended Rain Camp Called Shot Master

Lisa,

I forgot to mention also that there is an income ceiling.  I was out with an agent in a different part of the state to look for properties for myself and she mentioned that I would be able to take advantage of the first time home buyer tax credit.  I was appalled that she told me that knowing I own a house.  There are plenty of agents that don't know the details but pass on the information as if their clients would qualify.

The income ceiling is $75,000 for singles and $150,000 for couples who file taxes jointly.

 
12:22pm • #3


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