Wake Forest NC - $8,000 Tax Credit FAQs

Time is running out to take advantage of the unbelievable $8,000 Tax Credit that is available to First Time Homes Buyers!  

I have had several phone calls and emails regarding the tax credit so I thought this post might serve to answer a few of the FAQs!

1. Am I eligible for the Tax Credit?    First-time home buyers purchasing any kind of home, whether it be a new home or a resale, are eligible for the tax credit.  However, the home purchase must occur on or after January 1, 2009 and before December 1, 2009.  The purchase date is the DATE OF CLOSING!
2. What is the definition of a First Time Home Buyer?  If you have not owned a primary residence within the last 3 consecutive years you are defined as a First Time Home Buyer.
3. How is the amount of the tax credit determined?  The tax credit is equal to 10% of the homes purchase price up to $8,000.
4. Is there a limit to my income if I want to claim the $8,000 Tax Credit?  Yes!  If you are single your income limit can be no more than $75,000 and if you are married your combined income limit can be no more that $150,000.
5. How is this Tax Credit different from the one that I heard about in 2008?  This Tax Credit is a true credit and DOES NOT need to be paid back!

 There are some unbelievable Homes For Sale in Wake Forest NC to choose from!  That coupled with the $8,000 Tax Credit makes it the perfect time to purchase your first home but, you really do have to hurry!  The closing must happen before December 1, 2009 to qualify for the Tax Credit and that isn’t much time! 

Give me a call today to see how I can get you on the right path to finding that perfect home and taking advantage of the $8,000 Tax Credit! 

Life in Wake Forest NC is full of opportunities!

Written by:
Leesa L. Finley, Broker, Realtor®
Circa Properties
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