Attention - First-Time Home Buyers in Vermont - Act Now to Use the $8,000 Tax Credit. You must be able to close by November 30, 2009 to use this credit!
If you are dreaming of owning home, now is a great time to buy!
Hopefully, by this time, you have heard about the recently enacted first-time homebuyer tax credit. Many buyers have used it or will be using it. If you are still not sure what it it all about, here is a synopsis as reported by Ken Trepeta, Director of Real Estate Services for the National Association of REALTORS:
1. It is available to first-time home buyers only, but that means people who have not owned a home in the past three years too. The home must be the principal residence and there is a recapture provisision if one moves out or sells before the end of three years.
2. It is lmited by income and starts to phase out for individuals at $75,000 and couples filing jointly at $150,000. The credit completely phases out at $95,000 and $170,000 respectively.
3. It expires on November 30, 2009. For existing home buyers, you must close by that date. For new construction buyers, you must occupy by thate date.
4. It is not available directly at the closing table,
5. One does not need to wait until 2010 to claim the credit. Once can claim it on their 200 taxes by filing an amended return after they close on their home. Best to contact your accountant on this.
6. There aren't many restrictions on the type of home; however, one cannot purchase a home from a close relative.
Below are links to additional information:
First Time Home Buyer Tax Credit CHART
First Time Buyer Tax Credit IRS Form
You may be wondering where to start. If you have decided to finally purchase a home, start with the banks and mortgage companies. A good place to begin is with Vermont Housing Finance Association. Click on the icon below to go to their site or go to: http://www.vhfa.org
Once you have a good of idea of what you can afford, start looking. Hire a Realtor who is familiar with the tax credit program and can work with the mortgage company. Look for an Accredited Buyer Representative - someone who will represent you as the buyer.
Here is a link to Homes in the Lamoille County Area priced between $100,000 and $400,000.
Here is a link to Homes in the Washington County Area priced between $100,000 and $400,000.
I hope this information has been helpful and that you do not hesitate to become a home owner. Feel free to contact me about purchasing properties in the area!
Sincerely,
Teresa Merelman, Broker
ABR, CRS, e-PRO, RSPS, GREEN
Stowe Realty
(802) 253-8484 - Office
(802) 793-5171 - Cell
Teresa@StoweUSA.com
www.StoweUSA.com
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