Time is running out for the new home buyers...
Your $8000 reasons to buy a new home will expire on November 30, 2009.
FIRST TIME HOME BUYERS TAX CREDIT TOP 10 LIST
- Amount of Credit - 10% of purchase price, not to exceed $8,000
- Eligible Property - Single family residence (principal residence)
- Not Refundable- Reduces or eliminates income tax liability, will receive refund for unused amount
- Income Limit - Single taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
- First Time Home Buyer - Purchaser and Purchaser's Spouse may not have owned a principal residence in three years previous to purchase
- Revenue Bond Financing - Purchasers who utilize revenue bond financing can use credit
- Repayment - no repayment for purchases on or after January 1st, 2009 and before December 1st, 2009
- Recapture - If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009
- Termination - Program expires on December 1st, 2009
- Effective date - Effective as of January 1st, 2009
Finding a house takes time but also don't forget that these items require time (usually about 45-60 days)to process a transaction:
- Finding a Realtor whom you trust and who will best represent you
- Writing an offer
- Offer acceptance and negotiations
- Finding a Lender
- Loan application
- Survey
- Inspections
- Repairs
- Appraisals
- And other issues which often come from lenders, title companies etc...
TIME IS RUNNING OUT SO DON'T DELAY ANY MORE THAN IS NECESSARY!
With smiles,
Bo in Yukon
;)
;)
This is a very timely post, Bo. Anyone who waits until the last minute will miss out!