New Revisions to the Tax Credit for 2009

As modified in the American Recovery and Reinvestment Act

 Here are the quick down and dirty bullet points for the revisions to the tax credit. Many first time buyers are not aware that there is a tax credit that can put cash in your pocket when you buy a home. This will not last for long, and it ends on December first of this year. This combination of low prices on homes and record low interest rates, and the visibility of being paid to buy a home make this one of the most affordable times in history to purchase your first home.

Here are the important points to be aware of so you can take advantage:

• Maximum Credit INCREASED to $8,000.
• Any single family primary residence eligible:(including condo, co-op, town home.)
• Reduces or eliminates income tax liability for the year of the purchase
• Income limit: $75k single, 150k married and phases out above 95k/170k
• First time Buyer only (may not have owned a home in the past 3 years)
• Purchasers using state bond programs are eligible
• No repayment for purchase made January 1, 2009 through December 1, 2009
• Recapture only if home is sold within 3years of purchase (for homes purchased in 2009)
• Program ends December 1, 2009
• Revisions to previous plan are effective as of:   January 1, 2009

 That is the quick easy to read version of the plan!

Have a great week!

Rob

Robert Rauf

www.RobertRaufHomeLoans.com   or my blog: http://activerain.com/blogs/rrauf

(732)223-1630 x102

Real Estate Mortgage Network

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