I get lots of questions from buyers about how this $8000 tax credit program works:
Any home over $80,000 qualifies for the full tax credit. Homes under $80,000 qualify for a credit of 10% of the purchase price (E.G. $65,000 home qualifies for a $6500 tax credit).
To qualify for the credit the purchaser must be a first-time home buyer.
Any single person who makes less than $75,000/per year ($150,000 for a married couple) qualifies for the full credit. The credit phases out at higher income levels.
The tax credit does not need to be repaid provided the buyer does not sell the home within 3 years.
Though there was much talk, this tax credit cannot currently be used as a downpayment.
The 2009 $8000 tax credit expires on December 1, 2009.
To qualify for the credit the real estate transaction must go to closing prior to the December 1 deadline.
Call me today to take advantage of this great program.
Remember, homes must close before December 1, 2009