*Update - The tax credit expires December 1, 2009 - not December 31st as I first reported.
There is much confusion, misunderstanding and misinformation floating around concerning the tax credit for 
home-buyers that is included in the economic stimulus package.
My job is to provide information and assistance to those who are looking to buy a home in Hubert, Swansboro, Jacksonville and other areas of Onslow County, N C.
So let's break it down.
- Who qualifies? The tax credit applies only to first-time home buyers and their principal residence.
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What is a first time home buyer? Anyone who has not owned a principal residence for three years prior to buying a home.
- How Much is the Tax Credit? The tax credit is 10% of the purchase price of the home - but cannot exceed $8,000.00
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Does It Have to Be Repaid? The tax credit does not have to be repaid (the earlier $7,500 did have to be repaid)
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Is There A Time Limit? Yes, the tax credit is available only to those who purchase a home between January 1 and December 31, 2009 *December 1, 2009.
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Are there income limits? Yes. Single buyers must have an adjusted gross income of $75,000 or less to qualify for full credit. Married buyers - $150,000. However, those whose income exceed the limits may qualify for reduced credits.
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Are There Other Conditions? Yes. Buyers must own their home for a minimum of three years to retain the credit--if buyers sell the home in less than three years, the government will demand the full repayment of the tax credit. (There may be some exceptions in cases of death or divorce)
If you have questions about how this tax credit can help you buy a home in Onslow County North Carolina, contact me and let's talk about it.
Cynthia Tilghman, Realtor, Onslow County Home Specialist 910 459 9189 Email Me
Kingsbridge Realty, Inc., Making Houses Homes
We take pride in assisting Military Families locate a home in Onslow County when relocating to Camp Lejeune North Carolina
Area expert for homes in Hubert North Carolina
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Good info my friend!!