Great opportunity to buy a home thru the end of June 2009. For first time homebuyers, you may receive up to a $8000 income tax credit when they buy a home before that date.
You may qualify for 10% of up to $80000 of the purchase price. You can elect to take the credit on your 2008 income tax return even if the home is purchased in 2009.
A first time home buyer is defined as someone who has not owned a residence in the US in the previous 3 years. Not everyone will qualify - but this may help you purchase that new home.
The credit phases out for married couples with an AGI of between $150,000 - $170,000.
For single filers, it phases out between $75,000 and $95,000.
While this credit is really more like an interest free loan - which will be recaptured over 15 years - it provides the cash that may be the difference between purchasing and not buying that new residence. For those that find that this extra cash is essential - this provides some funds to help purchase that new home.
Call today to discuss your individual circumstances.
James Angelo 904-881-2178 - Florida Homes Realty & Mortgage LLC
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