Time is Running Out For Up To $9800 in Home Buyer Tax Credits in Georgia

Trying to decide whether to purchase a home or not? If so, you might want to move quickly. The $8000 Federal Tax Credit, for first time home buyers, expires at midnight, Nov. 30, 2009. Likewise, the Georgia Tax Credit for Home Buyers, of up to $1800.

The federal first time home buyers credit (for buyers who have not owned a home in 3 years) is 10% of the purchase price of a home, up to a maximum of $8000, whichever is less. That means, if  you purchase an $80,000 home, or higher, you will get the full credit. If you purchase a lower priced home, say $70,000, you will qualify for a $7000 credit.

The Georgia home buyers tax credit is 1.2% of the home purchase price, up to a maximum of $1800, whichever is less. Purchasers of homes costing $150,000 or more will be eligible for the full credit. The home has to be a single family home that was on the market prior to May 11, 2009.

There are only 74 days left from today in order to get those credits. In reality, that means you will need to have picked a home and reached an accepted offer within the next 30 days or so. It will take a few weeks to get your loan funded, and, there will probably be a rush of last minute buyers all wanting to close before the end of November. Plus, there is the Thanksgiving holiday that will further reduce the number of days in which to get all of the paperwork and closing tasks completed.

So, if you are seriously considering purchasing a home, now is the time to move.

For more information on either the Federal or the Georgia State tax credit programs, or to find that home  and have an experienced Realtor guide you through the entire process, give me a call at 706-207-5290. Or, you can click here to email me with your questions. To search for homes in Athens and the surround communities and neighborhoods in Clarke, Oconee, Barrow, Oglethorpe, Madison and Jackson County please visit my website The Athens Real Estate Page.  If you are interested in selling your home in the same area, or, would like to find out the value of your home, what is going on in the local market, or just have another real estate question, please feel free to contact me by phone or email.