Real Estate Blog - ARE YOU GOING TO TAKE ADVANTAGE OF THE FIRST-TIME HOME BUYER TAX CREDIT?

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ARE YOU GOING TO TAKE ADVANTAGE OF THE FIRST-TIME HOME BUYER TAX CREDIT?

$7,500 First-Time Home Buyer Tax Credit What First Time Home Buyer Tax Credit you ask??? The Housing and Economic Recovery Act of 2008 provides a $7,500 tax credit for qualified first-time home buyers. It also includes other provisions that help prevent foreclosures, reinvigorate the housing market and strengthen the economy.

Here's the First-Time Home Buyer Tax Credit at a glance:

The Tax Credit is available for First-Time Buyers only.
The maximum credit amount is $7,500.
It is available for homes purchased on or after April 9, 2008 and before July 1, 2009. (It expires June 30, 2009).
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
The tax credit is like an Interest-Free Loan and must be repaid over a 15-year period.

If you're a first-time buyer and you purchased your home after April 9, 2008 and you didn't know about this program, you can still take advantage of it. Click here for more information.

If you'd like to purchase your first home and you aren't already working with an agent, I'd love to help you find your first home so that you can take advantage of the $7,500 Tax Credit. Give me a call, I'm looking forward to meeting you.

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When buying or selling a home in North Central, North East or North West San Antonio, TX, you deserve local expertise and advice. Judi Morgan provides full time, professional real estate services to buyers, sellers, corporate and military transferees in San Antonio, Stone Oak, Canyon Springs, Shavano and Shavano Park, Castle Hills, Rogers Ranch, Helotes, Sonoma Ranch, Alamo Ranch, Red Bird Ranch, The Dominion, Leon Valley and more.

Posted by Judi Morgan, San Antonio, TX Real Estate on 01/15/2009 10:52 PM

Comments (19)

First-Time Home Buyer Tax Credit Web Site Draws More Than 100,000 Visitors in the Home Buying Channel

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Originally posted at: San Antonio, TX Real Estate - Judi Morgan: ARE YOU GOING TO TAKE ADVANTAGE OF THE FIRST-TIME HOME BUYER TAX CREDIT?

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19 Comments on ARE YOU GOING TO TAKE ADVANTAGE OF THE FIRST-TIME HOME BUYER TAX CREDIT?

JAN

there Judi, my friend

First Time Homebuyers, really should take advantage Tax Credit. There are always thing, folk's want to upgrade in a home they buy. The home may need a bit more insulation added.

God Bless America

JAN

Dale, thanks for stopping by. You're right, first-time buyer's can always use an extra $7,500 to up-grade the house, buy furniture, appliances, etc.

Judi, I'm glad you posted this and thrilled to hear it's not too late! Getting the word out on this might help some people VERY much!

I truly believe at some point in the future we will all be looking back at this period in time and talking about it being one of the best times in our history to buy a home.

Carole, it's not too late. First-Time Buyer's have until June 30, 2009 to close on a home and take advantage of this opportunity. It's like an Interest Free loan with up to 15 years to pay it back. If they sell the home before then -- they have to pay it back sooner.

Bill, it is a great time to buy a home. I wrote an offer earlier this week and without sharing confidential information -- my client is getting a great deal.

Judi - Anyone even thinking about buying for the first time definitely should take advantage of this great opportunity. Sometimes people think about buying but may not be aware that they are eligible if they qualify and that is why working with a professional like yourself is somethng everyone buying a home should use a realtor.

Carl, thanks for stopping by. I'm not sure a lot of people know about this Tax Credit. It isn't an automatic $7500 -- it's actually up to $7500 -- but these days, every dollar helps. I sent emails with the link to the information to all of my clients who were eligible for the tax credit earlier this week. And making sure the ones who work with me and buy a home this year will know about it.

JAN

Judi,

Great to see that you are trying to get the word out! Tom Burris bogged this subject about a week ago. I still think there are a lot of prospective buyers out there that are not aware of this tax credit. Personally, not very many of my clients have mentioned or asked questions about it. Can't over do the dissemination of good information.

The tax credit is like an Interest-Free Loan and must be repaid over a 15-year period. I think of the old Elvis song when I read this..

Your caught in a trap.. you can't get out.

JMHO this is a BAD BAD BAD thing, tax credits have not been REPAYABLE.. until this one.

Don't mess with the IRS. LOL.. they are not forgiving when its defaulted on.. interest and penalties will certainly accrue over and over and over.

JAN

Hi Judi! Buyers need to have this information and thanks for posting it again! It should be something for them to at least consider if they are purchasing their first home.

Ron, thanks for stopping by. I didn't see Tom's post about this I'll have to check it out. I sent emails with the information to all of my clients who bought last year after April and suggested they at least look it over.

Gail, you may be right -- but as I told Ron, I sent the information to my buyers who bought last year and will share it with my buyers who buy this year who qualify and let them decide if they are interested in this tax credit or not.

Dona, Yes, you're right, buyers need to have the information so they can decide whether it's in their best interest or not. Some will take the credit -- others won't -- our job is to make sure they're aware of it so they can decide for themselves.

JAN

between low home prices, despearte builders, historic low interest rates and these favorable tax credits, there has never been a better time to buy

James, thanks for commenting -- definitely all great reasons to buy a home now.

JAN

Judi hope you have a good group of potential buyers this week. It is good that your group is trying to explain that they have a variety of choices when buying a home. I believe the public is going to more assertive in learning the long-term aspects of home ownership. (Ceil)

Ceil, we're looking forward to the opportunity to explain the steps to people thinking about buying a house. We'll have some loan officers there too, to explain what the requirements are now to qualify for a loan -- they can pre-qualify them during the seminar. If they don't qualify, they'll tell them what they need to do to improve their credit score.

Judi if you happen to check AR tonite we are having a Spurs Blog Along: Spurs Blog Along - Spurs vs New Jersey - January 23, 2009 at 7:30 P.M.- Everyone Welcome Tonite USAA will be honoring the military and their families.

JAN

Hi Judi thanks for this post.

Sonya, thank you for stopping by. ;)

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