If you qualified for the tax credit as approved in the American Recovery and Reinvestment Act of 2009 - i.e. you are a first time homebuyer (haven't owned a home in the past 3 years), your income does not exceed $75,000 for a single filer or $150,000 for a joint filer, and you purchase a home before December 1, 2009 you will be eligible to a tax credit of up to $8,000 or 10% of your purchase price, whichever is less.
So, first time home buyers who have not yet filed their 2008 federal income tax return and your escrow for your qualified purchase of your main home closes between January 1 and December 1, 2009, make sure you file to get your credit! A credit that will not have to be repaid, as long as the home you purchase remains your main home for 3 years from closing.
See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com
Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
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This is some really good information on a really beneficial program. I hope that everyone who is eligible takes full advantage of it.