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Calling all FIRST TIME HOME BUYERS...

Who IS the First Time HomeBuyer..

... listening to the TV news channel, this morning I was listening to the morning show, and I realize not everyone knows what that means.. THE FIRST TIME HOMEBUYER.

I heard a newscaster speaking and he didn't know, because he stated the new $8,000 Tax Credit was only for people who were buying their FIRST EVER HOME. That is not exactly right.

A first time homebuyer is... anyone who hasn't owned a home in the past 3 years.

Now that is a whole different ball game than one who has NEVER owned a home.

If you qualify as a FIRST TIME HOMEBUYER, you could qualify for the new $8,000 tax credit if you buy a home between Jan 1,2009 and Dec 31,2009. Its a good refund for those who qualify for it, pays you back some of that down payment and closing costs you paid out.

Isn't today the time to get started!!

the NAR website pages define the bill to be signed Feb 16th, as stated above for the qualifying Firsttime home buyer.. see link above.

Posted by South Austin Real Estate Blog, on 02/15/2009 07:17 AM

Comments (8)

First Time Home Buyer $8000 Tax Credit in the Home Buying Channel

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8 Comments on Calling all FIRST TIME HOME BUYERS...

FEB

I want to verify that but no time this a.m.

Let's face it, the folks who wrote this legislation aren't mortgage savvy and there could be a clinker here.

I found on the NAR website a very concise explaination of much of the $8,000 tax credit..the 3 year plan is still in effect, I have referenced that page as my source. I certainly would hope that NAR is correct. :)

this is one of the many great reason that it is a buyers market, low prices, interset rates at all time lows and tax credits

FEB

James, yes.. very good rates, inventory in many areas is great and a tax credit too boot. Here in Texas we always like "boot". :)

Gail - very important point to clarify to the public. Many probably think they don't qualify!

FEB

Gail, thank you for the link to NAR tax page. I will start including this info in my buyer consultations. It gives them the deadline for buying the house.