Are you a first-time homebuyer? If so, you are running out of time to take advantage of the $8,000 tax credit being offer! In order to take advantage of the tax credit, you need to buy a house before November 30, 2009. If you do not close on a house by that date, the federal government will not give you your tax credit. This is your chance to get a little of the recovery money that so many of the large corporations are taking advantage of.
It is a great time to buy so what are you waiting for? Here is a little information on the tax credit:
- A first-time homebuyer is someone who has not owned a home in the last three years.
- You cannot purchase the home from a spouse, direct ancestor, child, or grandchild; however, you do qualify if you purchase a home from siblings, nephews, nieces, or others.
- Single taxpayers with incomes up to $75,000 and married people with incomes up to $150,000 qualify for the full tax credit.
- If you are married, both spouses must be first-time homebuyers. If more than one unmarried individual is buying the property, the credit can be split among all the purchasers who qualify. However, the total credit taken cannot exceed $8,000 for homes purchased in 2009.
The state of Missouri has done something that very few other states have done. They are allowing homebuyers to use this tax credit the day of closing to help with closing costs and downpayment. Unlike most other states, the homebuyer gets immediate use of this money and does not have to wait until they file their taxes. How great is that?!
So, what is keeping you on the fence about buying? Interest rates are great, home prices are down, there are plenty of properties to choose from, the state and federal government are offering you help, and you, as the buyer, has the negotiating power in this market! Jump off the fence and buy! There is no better time than now! Good luck and enjoy your new home.