First Time Homebuyers in Forsyth County, NC $8000 Tax Credit Deadline Approached!
Whatever monitoring device you use, such as Microsoft's Outlook Calendar, Facebook's CountDown Feature, or just a plain old "Wall Calendar",
NOW is the time for First Time Homebuyers to mark the ending date of NOVEMBER 30th. There are efforts being made by The National Realtor's Association to impress upon our government to extend that cut-off date, but if it is not extended, First Time Homebuyers are encouraged to locate the home they wish to purchase and "get under contract" with the seller prior to October 15th. By heading towards October 15th, the first time homebuyer will be in position to have the sale closed by the November 30th DEADLINE!
To qualify for this tax credit, a First time homebuyer and spouse must not have owned a home during the three years prior to the purchase. That's the definition of a "First Time Homebuyer". (You may have owned a home prior to those last three years) If the Buyer is single, his or her income must be $75,000 or under. If the Buyer is married, the combined incomes should not exceed $150,000, and taxes need to be filed jointly.
Another earning scenario is that if an unmarried Buyer is earning between $75,000 and $95,000, that Buyer could qualify for the tax credit at a reduced amount. For the married buyer with the earnings range of $150,000 and $170,000, they may qualify at a reduced amount also. The tax credit decreases as the buyers income approached the maximum limit. First time homebuyers over the $95,000 for single persons and over the $170,000 for married couples will not qualify for the tax credit.
There is another important situpulation to receiving any of these first time homebuyer's tax credit. If the buyers do not occupy the home for at least 3 years and the house is sold during the 3 year period, the credit they had received will be recouped at the closing of the sale.
This is an interesting scenerio. If a single person (A) qualifies as a first-time homebuyer at the time he/she purchases a home WITH someone (B) that is not a first-time homebuyer and then later that year they marry each other, the tax credit for the single person (A) stands good. The reason is that the first time homebuyers tax credit is determined at the date of the closing of the sale. If they marry later, the single person (A) doesn't lose the tax credit.
With all this data, if you are planning to purchase a home this year and you are a first time homebuyer, now is the now to get off that sofa and hustle. If your team is playing ball...put it on "record game", and together let's start looking for that new home!!
To learn more about how I can help you find your new home, please go to my website at www.callDOUGnow.com or email me directly at dpatterson1@triad.rr.com for an appointment to discuss all the possibilities! I look forward to helping you reach your real estate goals!
Comments(3)