Tax Credit for First Time Homebuyers

There are so many great reasons to buy a house today.  Interest rates are low, inventory is plentiful and prices are at early 2000 prices.  There are some great deals available today.

The American Recovery and Reinvestment Act offers an $8000 tax credit for first time homebuyers that purchase between January 1, 2009 and December 1, 2009.  There are some stipulations on how the credit would apply to each homebuyer.

Buyers can claim the credit on their federal income taxes.

Individuals are eligible for the credit with an adjusted gross income of up to $75,000. It increases to $150,000 if filing jointly.

If the buyer(s) stays in the house for longer than 3 years they don't have to repay the money.

I am attaching a link provided by the Florida Association that outlines the benefits and more details of the tax credit.

I am also attaching a link that outlines how the tax credit can be used towards the purchase of your home, using an FHA loan.  It cannot be used for your 3.5% down payment, however it may allow a buyer to put down a larger down payment.

With incentives such as the First Time Homebuyer Tax Credit, there's no reason to wait to buy a home. 

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

Search Brevard County Real Estate
Melbourne FL Real Estate, Sandy Shores, Realtor

 
Sandy Shores, Broker Associate, Brevard County FL Real Estate

Sandy Shores, Melbourne FL Broker-Associate

M & M Real Estate, Inc.

Residential, Investment, New Construction and Relocations

We have a team of professionals to facilitate your Short Sale.

Melbourne FL Real Estate / Brevard County FL Real Estate

321-253-4545 or 321-733-6080

www.SandyShoresMelbourne.com

Email me at SandyShoresMelbourne@hotmail.com

Subscribe to my blog

____________________________________________


Brevard County FL Real Estate for 17 Years

Brevard County FL Resident for 38 Years

Melbourne, Palm Bay, Suntree, Viera, Rockledge,

Cocoa, Canaveral Groves, Merritt Island, Titusville, Mims,

Melbourne Beach, Indialantic, Indian Harbour Beach,

Satellite Beach, Cocoa Beach, Cape Canaveral

______________________________________________

I buy, sell, rent, own and manage Investment Property.

Visit me on Google+

Visit Melbourne FL Real Estate Talk on Facebook and "Like" Me There

 

                                                     Let me Sandy Shores Melbourne FL Realtor that for you

Sandy Shores Active RainSubscribe to my Blog - Sandy ShoresSandy Shores Facebook AccountSandy W Shores TwitterSandy Shores FlickrSandy Shores Linked In profile

 
Post is included in group: 1st Time Buyers
Post is included in group: Dedicated Bloggers
Post is included in group: Diary of a Realtor
Post is included in group: florida realestate
Post is included in group: Realtors®

14 Comments on Tax Credit for First Time Homebuyers

JUN
24
2009
315,104 Points 5 Featured Posts Outside Blog Hit Router

What a great time to buy or "Steal" a home. There are some great deals out there right now-Dinah Lee
2:51pm • #1
565,608 Points 29 Featured Posts Outside Blog Attended Rain Camp

Hi Dinah Lee, I agree, there are so many great opportunities to pick up a "steal of a deal" - you said it perfectly!
2:54pm • #2
1,324,847 Points 37 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Sandy

Tax credits, great prices, inventory THIS IS THE TIME TO BUY.

Good luck and success.

Lou Ludwig
2:55pm • #3
565,608 Points 29 Featured Posts Outside Blog Attended Rain Camp

Hi Lou, Oh I wish I were a first time homebuyer in today's market. I would buy in a heartbeat!
3:00pm • #4
801,299 Points 20 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good deals are plentiful.  My three wishes - I was a first time home buyer, I had a 10% down payment in cash, I was a first time home buyer! I know I said 1st time buyer twice...!
3:22pm • #5
565,608 Points 29 Featured Posts Outside Blog Attended Rain Camp

Hi Gary, I'm with you!  Being a first time homebuyer in today's market would be great. I would have already purchased my property, without question. What an absolutely great program for them! 
3:27pm • #6
192,861 Points

Hi SS,

thanks for posting about this hot topic! You explained it plainly so all can understand.
3:45pm • #7
1,154,722 Points 38 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Sandy, I was captivated by your picture--it is just beautiful.  The tax credit seems to be ending way too fast, I hope they find someway to extend it.
5:19pm • #8

You are right Sandy now is the time to buy! Check out this cute first time home buyers video you can send to your clients http://www.youtube.com/watch?v=C-zjEmPLwcY
5:45pm • #9
JUN
25
2009
291,755 Points 2 Featured Posts Called Shot Master

Good reminder that now is the time to buy. One thing that seems to get passed by is the fact that to qualify as a first time home buyer, you haven't had a primary residence home mortgage in the past three years. Many people that have been home owners at one time or another may qualify. I am working with a client that will meet that requirement in October.
7:18am • #10
565,608 Points 29 Featured Posts Outside Blog Attended Rain Camp

HI TO, This is indeed a hot topic.  Great news for first time homebuyers.

Carole, Thanks, I am so glad that you enjoyed the picture. I took it at Sebastian Inlet State Park.  I also hope that the tax credit will be extended.  We may see it change from an $8000 first time homebuyer credit to a $15000 all buyers credit.  We will have to wait and see.

Kelly, It is a great time to buy. Thanks for the video.

Darrell, Great reminder that the tax credit is of buyers that haven't owned a home in 3 years.

 
12:40pm • #11
652,306 Points 3 Featured Posts Outside Blog Called Shot Master

Sandy,

I love the photo!!

Ann
3:22pm • #12
935,901 Points 51 Featured Posts Called Shot Master

Sandy - Wonderful advice accompanied by an even more wonderful picture.  Look at that pefect sunset.
5:05pm • #13
JUN
26
2009
424,630 Points 39 Featured Posts Hit Router Called Shot Master

Sandy - I heard there are proposals floating around to extend the credit, increase the credit, increase the income limits and/or open it up to investors.  Wouldn't that be great?
5:52pm • #14


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Sandy111 Rainmaker_large

Sandy Shores Broker-Associate, Melbourne /Palm Bay, Brevard County FL Real Estate

Melbourne, FL

More about me…

M & M Real Estate Inc. / Florida's Space Coast

Address: Melbourne, Palm Bay, Indian Harbour, Satellite Beach, Suntree, Viera, Rockledge, Titusville, Cape Canaveral FL

Office Phone: (321) 733-6080

Cell Phone: (321) 253-4545

Email Me

Melbourne Real Estate and Brevard County FL Real Estate and Investing. _________________ Sandy Shores on Zillow Sandy Shores…


Listings

Links

Archives

RSS 2.0 Feed for this blog