The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009

$8,000 Home Buyer Tax Credit at a Glance

• The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Frequently Asked Questions about the program

The clock is ticking fast toward the deadline to qualify to use this fantastic opportunity!

The home buying process takes a certain amount of time to get from Point A to Point B.

Your first step is to get with a mortgage company and determine exactly how much home you qualify to purchase based on your income and debt ratios.  Then your Realtor can do a search in the MLS to see what homes are available in your price range that meet the criteria that applies to your particular lifestyle.

The process of elimination iss to narrow those homes down via the Internet to your favorites and then set up appointments to view the homes in person. 

Once you have found the perfect home for you, you and your Realtor will negotiate an acceptable agreement between you and the seller of the home.  You take that agreement to the Mortgage Company and they begin to the process of preparing your mortgage.  In the meantime you will take care of getting an inspection of the property to have a clear understanding about the property's conditiion and start packing for your move.  The mortgage process typically takes approximately 30 to 45 days.

TICK TOCK.....TICK TOCK.....TICK TOCK..... REMEMBER THE DEADLINE TO BE CLOSED IS

DECEMBER 1, 2009!

.....and there can always be unexpected closing delays.  You need to add at least 30 days to your closing window to allow for the unexpected.

But don't just take MY word for it!  Let's see what they are saying on the street about this program.........

So now.....do you here what I am trying to tell you?  Don't you want to be like Elvis and tell the landlord goodbye!?   Give me a call today and lets get this party started!  Home Ownership and the gift of $ 8 K  what a great combination!!

About the Author

Debbie Hutchins a Certified Residential Specialist has been a licensed Realtor since 1987. Serving the Greater Birmingham Area and specializing in Shelby County Debbie is available to assist you with your real estate needs. We hope you have enjoyed reading and hope you will come back! You may also subscribe to "debs doodles" and have it delivered to your email! And as always, you are welcome to search the MLS through Debbie's Re/Max website. All phone calls are welcome! You can reach Debbie via her cell phone at 205-368-2474

All data contained within is deemed correct however, RE/MAX First Choice and/or its Sales Associates are not responsible for errors and/or omissions. Prices are subject to change without notice.