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Dutchess County First Time Buyers Make Sure You Benefit From The $ 8000 Homebuyer Tax Credit.

With the recent signing of the Stimulus Bill an $8000 tax credit was made available to First Time buyers who purchase a home between January 1st 2009 and December 1st 2009. This credit is only available this year so now is the time to start looking for that new home. Ranch house

Before you get started here are the highlights of the tax credit.

A first time buyer can be someone who has not owned a primary residence in the last 3 years. So, if you want to buy a house, say on March 1st, the last time you could have owned a home would have been the end of February 2006.
Types of properties that can be purchased: Condos, Co-op, Townhouses and single family houses which you will be required to live in.
Unlike last year's $7500 credit this will not have to be paid back.
Like most things, there is an income qualification. A single person can make up to $75,000 or a married couple filing jointly $150,000 to get the entire $8000. A single person making over $75,000 -$95,000 and a married couple filing jointly making over $150,000- $170,000 would only get a percentage of the $8000 tax credit.
This credit will be claimed on your tax return and any unused portion will be given back in the form of a refund.
Keep in mind you will have to live in this home for at least three years. If it is sold earlier you will have to pay back the amount.
Even if the home is financed with a state or bond fund you can still get the tax credit.

I can hardly think of a better time to buy a home if you have good credit and a down payment. The interest rates are at their lowest in years; home prices have also dropped. There is a large inventory with room for negotiation and to add to that an $8000 tax credit you don't have to pay back. So this is the year to make that move. Don't let December 2nd roll around leaving you with regrets.

If you would like assistance identifying that home that's right for you, please contact me. I enjoy helping people find their first home and will provide you with resources to make the process a memorable one.

Whether you are considering buying or selling contact Jennifer Fivelsdal- Associate Broker- Keller Williams Realty Team - 845-758-6842- jennifer@jfivehomes.com and www.jfivehomes.com

*** Updates

Free First Time Home Buyer seminar on July 11th 2009

First Time Buyers take a look at FHA

So start your home search here, Just click the button below.

Posted by Jennifer Fivelsdal, Fishkill NY on 02/22/2009 08:03 PM

Comments (17)

Homebuyer Tax Credit in the Home Buying Channel

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Originally posted at: Rhinebeck Living: Dutchess County First Time Buyers Make Sure You Benefit From The $ 8000 Homebuyer Tax Credit.

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17 Comments on Dutchess County First Time Buyers Make Sure You Benefit From The $ 8000 Homebuyer Tax Credit.

FEB

Jennifer, I really wish they had put this through without the income cap. In so many east coast cities, it's hard to afford a house on $75K.

There are still so many folks who don't know exactly what the stimulus package means to them. This is a good recap Jennifer.

Pat - That is truly a drawback, but it will benefit some.

Bill - Thank you, I tried to break it down so it would be easily understood.

Jennifer - The first time homebuyers in Dutchess County will certainly benefit from your explanation of the tax credit. You put it all together in an easy understandable way.

I wish it was not just for first time buyers. Too many strings attached does not make it bold enough. They will be back later to look at ahousing again from the demand side. Enough of the Banks.

FEB

Jennifer great advice to first time home buyers. I hope all of the young people, say under 25 are really understanding that home ownership is knocking at their door and jump in now.

Hi Jennifer,

Good infor for home buyers in Dutchess County and elswhere. I sure hope people fully understand the difference between and tax deduction and tax credit.

Important info. My post about this credit has one of the highest "hit counts" on my blog.

FEB

Jennifer,

This tax credit has increased interest among first time home buyers. I am hearing lots of buzzing among the first time home buyers. Good luck

Have a great day

Make This YOUR BEst Year Ever

Leander

Jennifer - We can't remind buyers enough of what a great incentive this is.

Donna - I just hope they are paying attention.

Eric - That would have been a big boost to the market. You never know it could happen.

Kim - I hope so, once the market is on the rebound it will take many decades to have this opportunity again.

Lynda - I hope so, this will be real money.

Ann - Because you are providing information the consumer can use. I have to take a look at the stats.

Leander - There are more buyers out, things are picking up. I hope it will be your best year every.

Carol - That is so true and I know you are spreading the word.

Jennifer Fivelsdal, Rhinebeck NY-This is the day year that the Lord has made for people who don't own a house to buy a house now. Great blog Jennifer.

FEB

Jennifer, GREAT time to post this now. My folks have been asking for information on this and other things as the stimulus applies to purchasing a home, so I sent out an e-mail with FAQ today. So, I think you're right on time.

Just as some feedback, I ended up at your blog via your facebook page!

I think there are a lot of first time homebuyers who are ready to buy and will be more motivated with the passage of the tax credit. We will see how this turn out in the next month or so. A very nice summary of the credit.

FEB

Hi Jennifer. I too must write a blog on the Stimulus plan. I did attend a meeting Saturday that was well attended by leaders of the community in Illinois and have much info to share with my Illinois pre-home owners. Good job with yours!

Hi Jennifer: Really thorough post. I have already received a few calls from first time buyers who are feeling very optimistic since the announcement. Hope all is well.

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