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Onslow County NC Home Buyers - $8,000 Tax Credit

*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 Onslow County Home Buyers $8,000 Tax Credit 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.

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

Does It Have to Be Repaid? The tax credit does not have to be repaid (the earlier $7,500 did have to be repaid)

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.

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.

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

Posted by Cynthia Tilghman, Realtor® Onslow County NC Home Specialist on 03/05/2009 07:16 PM

Comments (16)

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Originally posted at: Onslow County NC Homes Talk: Onslow County NC Home Buyers - $8,000 Tax Credit

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16 Comments on Onslow County NC Home Buyers - $8,000 Tax Credit

MAR

Good info my friend!!

Cynthia,

Yours is one of the best explanations of the tax credit issue that I have seen. Succinct, easy to read, and easy to understand. Thanks!

Hi Cynthia, this new tax credit is a great benefit for first time buyers! I've posted on this too, we need to get the word out. Great job!

It's a great deal... It should help those buyers who are "on the fence". A similar credit has done wonders for Washington DC.

Cynthia, You did a wonderful job of explaining this. Do you mind if I use your main points to write a post locally here? I would reblog but that wouldn't work because it says it is for your area and that would just confuse people.

MAR

Cynthia This format will be easily understood and you covered all the main points. Here is hoping people will make use of it.

Cynthia - great overview. But I think the tax credit expires on Dec 1st, not Dec 31st!

Cynthia--Good explanation. I don't think first time buyers yet realize what an opportunity this is.

I was going to point out that it ends on December 1rst as well but Penny beat me to it. Great information to get out there though. I don't know how anyone could pass this up. makes me wish I haven't owned a house in the past 3 years!

Keith,
Thanks - getting the information to Consumers in a way they can understand it--that's my goal.

Carol,
If we can't put it in a way that the average person can understand it, what good are we doing? Thank you.

Hello Mike,
If the first time buyers understand, they will come ---right?

MAR

Cynthia, I love these breakdowns for the consumer so they can understand it. Heck, so I can understand it. Good post. ;-)

MAR

Hello James,
I sure hope so! It is a great opportunity for the first time buyer.

Marchel,
Feel free to use, I understand that a Reblog would not work. I'm flattered.

Jennifer,
Thank you, putting it a way everyone can understand is important to me.

Penny,
Thanks for correcting me - I knew it was the 1st but typed 31st!!

Teri,
They must not or they would be knocking our doors down!. Thank you.

Michael,
It's great to have members like you and Penny to keep me on my toes.

Teri,
The simplier the better for me too. Thanks.

Cynthia: Great information for home buyers in the Onslow County area. I hope the tax credit is enough to keep the homes selling. In addition, if home buyers have already filed their 2008 tax return they can Amend their 2008 tax return and take full advantage of the $8,000 first time homebuyer credit.

MAR

Hi Cynthia,

Nice clear information! It is a good start to our housing problems, and hopefully the buyers will embrace it.

Dick Beals

Cynthia, this is a very well written post. I hope buyers will call you and buy their first home.Good luck

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