- If you have not had a mortgage or owned a Primary Residence in the last three years you are eligible to to receive up to $8,000 as a tax credit on the purchase of a Primary residence this year. Your purchase needs to happen between 1/1/09 and 12/31/09. You CAN own or have investment or vacation property mortgaged in the last three years. The tax credit equals 10% of the property's value for homes under $80,000.00.
- Income limits apply. A married couples modified adjusted gross income (MAGI) should be under $150,000 and singles under $75,000.
- Remember it is a tax credit versus a tax deduction. The $8,000 comes back to you even if you do not owe that much in taxes. It is not deducted from your taxable income!
- The $8,000 tax credit does not have to be paid back as long as you keep and live in the home for at least 36 months!
- Construction loans; if you began construction on a home that will be complete and you will take occupancy before Dec. 31st, 2009, you qualify for the tax credit even if you began construction in 08'.
So that's it in a Nutshell! I can get you an automated underwriting approval in about 10 minutes! What a time to buy a home. This tax credit is literally FREE money!
Comments(0)