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First Time Home Buyer Tax Credit

Are you a First Time Home Buyer interested in information about the $8,000 First Time Home Buyer Tax Credit? Please read below for details about how it works and how this Tax Credit can possibly benefit you. A highlight from the details below is that you must purchase a Home by December 1, 2009.

In our current market, there are many Homes for Sale in Ft. Lauderdale and other nearby Cities in a wide price range. Single Family Homes in Broward County are currently priced from $18,000 - $42,000,000. During the month of March, 2009, 963 Single Family Homes were sold in Broward County. Of the 963 Single Family Homes sold, the average purchase price was $280,312. Click to read the full Broward Real Estate Market Report for the month of March, 2009.

According to Census Statistics, the Median Household Income in Broward County is $52,670. With reduced prices in most segments of the Market, there are many Homes available that are within a price range that works well for those with average Incomes.

If you're a Ft. Lauderdale First Time Home Buyer or buying elsewhere, the First Time Home Buyer Tax Credit is something you definitely don't want to miss out on if you qualify.

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As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer's tax credit is determined by two factors:

The price of the home-the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income-single buyers with incomes up to $75,000 and married couples with incomes up to $150,000-may receive the maximum tax credit.

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped upon sale of the property.

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Vickie Arcuri, Realtor^®EWM Realtors, Inc.
1700 E. Las Olas Blvd.
Ft. Lauderdale, FL 33301
Phone: (954) 708-9309
Fax: (954) 414-0492
Vickie@vickierealestate.com
Ft. Lauderdale Homes for Sale

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