One of the most unusual -- and generous -- programs ever rolled out by the Federal Government is the recent $8000 tax credit for home buyers.

Whether you’re a first-time home buyer, or you’ve bought and sold dozens of homes, it’s an amazing time to buy in the Gainesville Fl area.!  And if you have questions about the market, neighborhoods, or how to take advantage of all the buyer benefits out there…just email or call me today.

Here's what you need to know...

Who is eligible?

• first-time homebuyers
• anyone who has not owned a principal residence in the last three years

What is it?

It’s an $8000 gift from the federal government. If you qualify, and you buy a home while the program is available, you’ll get $8000 back with your tax refund.

There are two factors to consider:

First, if your adjusted gross income is more than $75,000 or $150,000 filing jointly, then your credit will begin to shrink, depending on how much more than that you make. And second, the tax credit is for $8000 -- or -- 10% of the sales price. So, if you buy a house worth less than $80,000, you’ll get 10% of the price.

When?

This is an 11 month program: January 1st, 2009 to November 30th, 2009. You have to close on your house within those dates.

And... when do you get your money? You will receive your tax credit after you buy your home. You can’t use it for your down payment, or your other closing costs. But, for example, if you close on a house next month, you can file an amended tax return -- and get the eight grand -- right away. You do not have to wait until next year.

Where is it available?

You are eligible for this tax credit for principal home purchases anywhere in the US, including the US Territories! But, don’t forget…The qualifying purchase only includes your primary residence, not a vacation property.

Why?

The Administration and Congress did this to get the nation’s economy rolling again. And if you look back through history, programs like this help make that happen. Approximately 30 years ago, during another economic downturn, the government offered $2000 tax credits. And, it worked -- The increased real estate sales helped get the economy back on track.

In this economy, an extra eight thousand dollars can really mean a lot, to people all across the country.

And remember! The Clock is Ticking...... After that? The $8000 gift is gone.

(Don't forget -- allow 30 to 60 days to finalize your home purchase before the November 30th deadline!)