Calling All Birmingham AL First Time Home Buyers!! Don't Miss the $8000 Tax Credit Deadline!

Calling all First Time Buyers!

Act now and get $8,000!

The $8,000 can be claimed by those who close on homes on or after January, 2009 and before 11/30/2009.

This market is hot right now, so don't wait.  There are many homes in the West Chester area that may be just right for you.  I would love to help you find just the right one!

First Time Home Buyer as defined for this tax credit is someone who did not own another main home at any time during the 3 years prior to the date of purchase.  For married joint filers, both must meet the 1st time home-buyer test to take the credit on a joint return.

The home must be the main home, or a principal residence.  This is generally considered the place where you spend 50% or more of your time.  It can be a condo, a single family, co-op, townhouse or something similar.  The home must be in the United States.  Vacation homes and rental properties are not eligible.  For new construction, the purchase date is the date you occupy the home, so the move in date must be no later than 11/30/09.

If the home is sold prior to 3 years of ownership, the tax credit MUST BE REPAID.  This provision was designed to prevent flipping homes in order to get the credit.

Who cannot take the credit?  There are income limits, both for joint filers and singles, so please check with an accountant.  You cannot buy a home from a close relative, which would include a spouse, parent, grandparent, child or grandchild.  You may also not take the credit if you stop using your home as your main home, sell your home before the end of 3 years or you are a nonresident alien.

FHA loans can help put a first time buyer's goal within reach.  Quick review: 

1)  The buyer only needs 3.5% down. 

2) The 3.5 percent can be a gift from a relative. 

3) The seller can contribute up to 6% of the closing costs.  4)  FHA is sympathetic to a somewhat less perfect credit score.

I can put you in touch with a great loan officer who can tell you right away if you are a candidate for this product. 

I am easily reached by email, cell phone or my website.  I'd love to hear from you!