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tax credit for 1st time home buyersFirst time buyers of Fairbanks, Alaska homes get up to an $8,000 Rebate!

The "American Recovery and Reinvestment Act of 2009" recently signed into law improves the Federal tax credit to first-time Fairbanks homebuyers.  This is a credit back to first time Fairbanks homebuyers or a credit against taxes currently owed to Uncle Sam.

How does this apply to Fairbanks homebuyers? To qualify for the tax credit...

  • You have to be a first time home buyer; meaning the borrower(s) can not have owned a home at anytime in the last three years;
  • Your income can't exceed $75,000 for a single borrower or $150,000 for a married couple;
  • The purchase must be for a principle residence.  The credit doesn't apply to investment properties or second/vacation homes and;
  • The purchase dates must fall between January 01, 2009 and December 1, 2009.

Unlike the previous homebuyer tax credit, this one isn't a loan and you aren't required to repay the money, unleFirst time home buyers get up to $8,000 tax creditss you sell the home within the first three years.  This is a perfect solution for our military servicemembers.  Folks PCSing into Eielson Air Force Base or Fort Wainwright Army Post who are first time homebuyers can and should take advantage of this opportunity.

How it works:

Folks buying a home in Fairbanks or the surrounding communities will receive a income tax credit equal to 10% of the purchase price with a maximum tax credit of $8,000.   The average price of a single family home in Fairbanks is $242,000, meaning just about everyone will qualify for the maximum tax credit.

The $8,000 is a credit against your current tax obligations.  If you owe $10,000 in taxes, after the tax credit is applied, you'll owe $2,000.  Likewise if your tax bill is only $5,000 you can expect a $3,000 rebate.

 

12 Comments on First-time Buyers of Fairbanks, Alaska homes get up to an $8,000 Rebate!

FEB
20
2009
1,138,596 Points 139 Featured Posts Outside Blog Called Shot Master

Wow Jesse, looks like this phase of Obamanomics just might help stimulate this economy... Lord knows the housing market has surly taken it on the chin...

Your building consultant in Spring Hill, TN ~ Michael

3:30am • #1
134,342 Points 3 Featured Posts Outside Blog

It sounds like a good opportunity for first time home buyers.

7:28am • #2
594,959 Points 18 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Way to go my friend, keeping the folks of Fairbanks updated.

8:07am • #4
543,247 Points 39 Featured Posts Outside Blog

Jesse,

I hope things are beginning to thaw for you guys up there...!!! BTW, have you heard we have a new President down here in the lower 48...??? LOL, Thanks,   Fran

10:05am • #5
427,829 Points 32 Featured Posts Outside Blog

Sounds like we get to explain this one again. It's a great opportunity for first time buyers and I'm am telling anyone that will listen.

12:27pm • #6
571,409 Points 39 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

jesse - i am so happy to see everyone getting this info out there! You are a true gem for your folks in Fairbanks!

12:38pm • #7
733,589 Points 136 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Great news for Alaska home buyers, Jesse.  'Betting this news gets some folks off the fence!

6:38pm • #8
302,251 Points 46 Featured Posts Outside Blog

Great explanation Jesse, and it looks as though our first time buyer price points may be similar.

7:40pm • #9
980,371 Points 81 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Jesse,

Thanks for the explanations. One trouble only: you always mention Fairbanks, and we deal with folks in Daytona, and you are making it impossible stealing from you (LOL)

7:49pm • #10
178,888 Points 20 Featured Posts Localism Sponsor

Jesse, I think I just figured out I messed up a comment on a different blog.  You explained it so well, that I finally figured it out oohhh, that's how it works.  Thanks for helping a friend out.  :)

10:10pm • #11
FEB
25
2009

You don't happen to know if the borrower still qualifies for this tax credit if they have a non-occupant co borrower on the loan do you?

2:37pm • #12

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Fairbanks Alaska Real Estate Specialists Jesse & Kathy Clifton 907-328-9328

Fairbanks, AK

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