In order to claim the first time buyer tax credit, you must close on your home by November 30th, 2009. That means as of today, there is just 61 days left. If you were hoping to take advantage of this tax credit & I'm not trying to panic you, but if you do not have a home under contract right now, you realistically only have 2 - 3 weeks to find a home when you consider it takes 30 to 45 days to close from contract. Also, Thanksgiving will come into play, where many title company's and lenders will be closed for possibly 2 days.
Do you qualify to receive this credit?
- You must be a first time home buyer. First time buyer defined as not having owned a principal residence in the past 3 years
- Home purchased must be used as your principal residence
- Home must be purchased between Jan. 1, 2009 & Nov. 30, 2009
- Max. income of $75,000 for single person & $150,000 for married couples
- Must own home for 3 years after purchasing
What's the difference between last years first time buyers tax credit and this years? The 2009 tax credit has been raised by $500. from $7,500 to $8,000 and most importantly, the 2009 tax credit does not have to be paid back, as long as you own the home for 3 year after purchasing.
For more info read First time buyer tax credit FAQ's
If you'd like to start looking for homes and take advantage of this tax credit and buyers market in Macomb County sign up for a free Listingbook account and search the mls on your own personal website! Absolutely FREE!
For more info on the Macomb County Real Estate market, contact Mike Mitchell,REALTOR ®
Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652
http://www.mmhomesearch.com/
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