President Obama has signed the "American Recovery and Reinvestment Act of 2009" (i.e. the Economic Stimulus Bill). This bill provides an $8,000 tax credit for first time home buyers. A first time homebuyer is someone who has not owned a home in the last three years.
Who is considered A first time homebuyer?
1. Someone who had never owned a home
2. Someone who has not owned a home in the last three years
So that means a divorced person that used to own a home, but has been living in an apartment for the last three years, now qualifies for this tax credit.
This credit applies only to the purchase of your principal residence (the home you live in) purchased anytime between January 1, 2009 and December 31, 2009. A tax credit is a dollar for dollar reduction in the amount of tax you owe. If any credit amount remains unused, then the unused amount will be returned when you file your 2009 income tax return.
ie - if you normally get a refund, you may get an additional $8,000 in your refund check. In addition, interest on your mortgage loan is deductible. So you will owe even less in taxes and may get an even larger refund.
The way I see it, this is FREE MONEY
The income requirements are maximum $75,000 for a single buyer, and $150,000 for a married couple.
This credit does NOT have to be repaid as long as you stay in the home for a minimum of three years.
If you are looking to purchase your first home in Burlington or Camden County New Jersey and are looking for a Realtor and Real Estate Consultant who will work tirelessly to help you find your dream home.......text, email or call me today. Let's get moving, we have a lot of work to do.
Have a Great Day
Make This YOUR Best Year Ever
Leander McClain, Burlington Township Realtor & Real Estate Consultant, Keller Williams Realty, 1814 Route 70 E, Suite 200, Cherry Hill, NJ 08003, 856-321-1212 Bus., 856-685-1677 Direct
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Economic Stimulus $8,000 Tax Credit
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