Thursday, August 20, 2009
I had an interesting conversation yesterday revolving around the First Time Homebuyer tax
credit. I would like to share that information. First of all we need to be on the same page about the tax credit itself. You cannot have had ownership interest in a property for the last 3 years to qualify and you will recieve a credit of 10% of your purchase price up to a maximum of $8000.00. Sounds great! You have until 11/30/2009 to close and fund to recieve your credit when you file your income taxes. GET SHOPPING. You will recieve your money after you close when you receive your tax refund.
There is also a program with the Texas Department of Housing and Community Affairs that will allow you to take an advance on your Tax Credit prior to closing and use that money for down payment or closing costs.
Check with your Mortgage lender to get specific details on these programs and to see if you qualify. There is a small window of opportunity so if you are interested in these programs, now is the time to ask.
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