Homebuyer Tax Credit in Johns Creek Georgia

Homebuyer Tax Credit in Johns Creek Georgia

Would you like to put several thousand dollars in your pocket?  The expiration date is near, but if you move quickly, you can still take advantage of the homebuyer tax credit and take home big bucks after your home purchase!  First-time homebuyers can be eligible for a tax credit of up to $8,000 and some repeat homebuyers can be eligible for a credit of up to $6,500.  The criteria and eligibility for the homebuyer tax credit are as follows...

1. You are defined as a first-time homebuyer if you have not owned a residence three years prior to the home you are looking to purchase.  If you are married, neither you nor your spouse can have owned a home in that time. 

2. A first-time homebuyer must buy a house between January 1, 2009 and April 30, 2010 to be eligible for a tax credit of up to $8,000.  If you are in a binding sales contract by April 30, 2010, you can still be eligible for the homebuyer tax credit as long as you close on the home before July 1, 2010.

3. A repeat homebuyer is defined as a person who has owned a home for five consecutive years out of the previous eight years.

4. A repeat homebuyer may be eligible for a tax credit of up to $6,500 if they purchase a home between November 6, 2009 and April 30, 2010.  Again, if you are in a binding sales contract by April 30, 2010, you can still be eligible for the credit if you close before July 1, 2010.

5. There are income limits of $75,000 for individuals and $150,000 for couples filing jointly for sales occurring between January 1, 2009 and November 6, 2009.  The income limits for sales occurring after November 6, 2009 through April 30, 2010 are $125,000 for individuals and $225,000 for couples filing jointly.

6. Any homes priced above $800,000 are not eligible for the first-time homebuyer credit or repeat homebuyer credit.

7. If you are claiming the homebuyer tax credit, you must provide the IRS with a copy of your settlement statement along with IRS form 5405.

If you combine the homebuyer tax credit with historic low interest rates hovering around 4.75%, this is an excellent time to buy!  With the deadline for the homebuyer tax credit approaching quickly, you may want to avoid looking at homes online, on your own, with out a real estate agent, as the listings are often already under contract or sold. 

I can be of great help to you by going directly to the multiple listing service, where the most up to date information is available, to help you find the right home quickly.  Call me today at 404-226-8484 to get started on finding your dream home!