Wake Forest NC - $8,000 Tax Credit FAQs

By
Real Estate Broker/Owner with RED Properties NC #129285

Time is running out to take advantage of the unbelievable $8,000 Tax Credit that is available to First Time Homes Buyers!  

I have had several phone calls and emails regarding the tax credit so I thought this post might serve to answer a few of the FAQs!

  1. Am I eligible for the Tax Credit?    First-time home buyers purchasing any kind of home, whether it be a new home or a resale, are eligible for the tax credit.  However, the home purchase must occur on or after January 1, 2009 and before December 1, 2009.  The purchase date is the DATE OF CLOSING!
  2. What is the definition of a First Time Home Buyer?  If you have not owned a primary residence within the last 3 consecutive years you are defined as a First Time Home Buyer.
  3. How is the amount of the tax credit determined?  The tax credit is equal to 10% of the homes purchase price up to $8,000.
  4. Is there a limit to my income if I want to claim the $8,000 Tax Credit?  Yes!  If you are single your income limit can be no more than $75,000 and if you are married your combined income limit can be no more that $150,000.
  5. How is this Tax Credit different from the one that I heard about in 2008?  This Tax Credit is a true credit and DOES NOT need to be paid back!

 There are some unbelievable Homes For Sale in Wake Forest NC to choose from!  That coupled with the $8,000 Tax Credit makes it the perfect time to purchase your first home but, you really do have to hurry!  The closing must happen before December 1, 2009 to qualify for the Tax Credit and that isn’t much time! 

Give me a call today to see how I can get you on the right path to finding that perfect home and taking advantage of the $8,000 Tax Credit! 

Life in Wake Forest NC is full of opportunities!

 


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Written by:
Leesa L. Finley, Broker, Realtor®Circa Properties Leesa Finley Wake Forest Homes
Circa Properties
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Ambassador
517,389
Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina

It's hard to believe it's already almost fall!  Plan for financing to take 30-60 days, which means first time homebuyers will want to have an accepted offer on the home of their choice by October 1st, or end of October if they're feeling very brave about how quickly financing will be approved. 

Aug 24, 2009 10:59 PM #1
Rainmaker
635,293
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Penny - You are SO correct!  It takes time to find the home and like you mentioned, financing? mI wouldn't want to risk that!

Aug 24, 2009 11:17 PM #2
Rainmaker
5,381,268
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

We are still receiving calls from prospective buyers that do not understand the tax credit. It is a shame that many will miss the opportunity to receive this $8,000 gift.

Aug 24, 2009 11:32 PM #3
Ambassador
1,613,719
Harry F. D'Elia
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

We are still receiving calls for this program. We have some late bloomers out there. Do you think they will extend this program?

Aug 24, 2009 11:39 PM #4
Rainmaker
1,051,946
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Leesa... I am in the vacation home business so I have had no traction on this government program, but I like the title of the post and can imagine there will be people searching this exact (long tail term) and finding you with open arms. Great marketing plan, simple and affective, good luck with the customer contact this will bring.

Aug 24, 2009 11:52 PM #5
Rainmaker
123,040
Marie Westerman
Blanchard and Calhoun Real Estate/ Wilson Parker Homes - Evans, GA
New Homes Sales Specialist Evans GA REALTOR

Everyone is starting to get the message I hae had quit a few calls over the last few days

 

Aug 25, 2009 12:35 AM #6
Rainmaker
635,293
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Roy - I just hate it when a good thing is passed up!

Harry - I don't know if they will extend but I'd hate to miss the opportunity NOW!

Aug 25, 2009 01:17 AM #7
Ambassador
272,883
Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

The other question we get is:

If my partner and I want to buy a house to live in, and my partner owned a house in the last 2 years - and we're NOT married... can we still get the credit.  The answer is probably.

Aug 25, 2009 01:27 AM #8
Ambassador
3,676,945
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Oh, my!  The deadline is fast approaching!  Bet we all have busy Septembers!

Aug 25, 2009 01:37 AM #9
Ambassador
699,779
Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

It is approaching indeed!  And Eleanor is so right!  Actually if two people buy a home and one doesn't qualify (for whatever reason & the other does) that person will get the rebate.  Have had that situation with clients already! 

It's already getting a tad busy around the Triangle!!!  But remember the closing and record date must happen by November 30th and our courthouse doesn't accept recordings past 5 PM!!!

Aug 25, 2009 10:33 AM #10
Ambassador
342,345
Paddy (Patricia) Pizappi
Better Homes and Gardens Rand Realty - Pine Bush, NY
Real Estate Associate Broker Hudson Valley NY

They need to shake their tale feathers if they are going to take advantage of this before it expires.  I hope that a lot more people are able to qualify for the credit before December.

Aug 25, 2009 11:25 PM #11
Rainmaker
635,293
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Steve - I am hoping so! ;)

Marie - People sure do like to wait to the last minute don't they???

Eleanor - thanks for adding!

Patricia - I am thinking your right!

Aug 27, 2009 12:04 AM #12
Rainmaker
635,293
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Pamela - Thanks for contributing - the more info we can get out there the better!

Paddy - Time is definitely running out!

Aug 30, 2009 01:30 AM #13
Anonymous
Dash
Wow! That's a really neat asewnr!
Apr 15, 2011 12:47 PM #14
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Leesa Finley

RED Properties - Raleigh NC Real Estate
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