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First Time Home Buyers in Goose Creek, SC to benefit from $8,000 Tax Credit

By Matthew Naumann

Real Estate Agent with Exit Realty Charleston Group

February 23, 2009 12:05 AM

First Time Home Buyers in Goose Creek, SC to benefit from $8,000 Tax Credit

If you are a first time home buyer or you have not owned a home in the past 3 years, the $8,000 tax credit makes now an even better time buy a home in Goose Creek, Hanahan, or anywhere in the Charleston, SC area. The combination of low mortage interest rates, low home prices, motivated sellers, and a $8,000 tax credit could make this the best time in our lifetime to buy a home.

The Stimulus Package's More Buyer-Friendly Tax Credit

washingtonpost.com, Kenneth R. Harney, Saturday 21, 2009 -

Now that Congress has fixed a crucial flaw in last year's home-purchase tax credit, who will be able to make use of the new version? And what about timing: How long do buyers have to locate a house and close the deal?

These are just two of the flurry of questions surrounding the $8,000 housing credit for 2009 authorized by Congress's sprawling $787 billion stimulus plan. So here's a quick rundown on the credit and several other real-estate-related measures in the package.

Although the Senate version of the bill would have created a much more generous and costly tax credit -- up to $15,000 per purchase with no limitation to first-time buyers -- it was quickly rejected in the conference committee. Negotiators added $500 to last year's $7,500 credit and for the 2009 version lifted the requirement that it be paid back.

There's still widespread misunderstanding on the issue, but qualified purchasers who closed in 2008 will not benefit from the 2009 amendments. They're stuck with the old model, and will have to pay back the credit -- more precisely an interest-free loan from the government -- over the coming 15 years.

People who buy homes between Jan. 1 and Dec. 1 of this year may qualify for the $8,000, no-repayment credit. But they'll still have to pass most of the key eligibility tests imposed under the 2008 program.

For example, they must be "first-time" buyers under the 2008 definition: Either they have never owned a house before, or they haven't owned or co-owned one during the three years preceding the date they close on their 2009 purchase.

To read the rest of the article, http://www.washingtonpost.com/wp-dyn/content/article/2009/02/20/AR2009022000040.html

For more information on Buying a Home in Hanahan & Goose Creek, SC and Surrounding Areas contact Matt Naumann.