Happy New Year! Time is running out for First Time Home Buyers, and Existing Home Buyers, looking to Buy or Sell in Sylvania and the surrounding Toledo areas in Ohio.
Tax Credits basics:
If you are a first time home buyer, and neither you if you are single nor your spouse if you are married has owned a home within the last 3 years you qualify as a first time home buyer. Please note the word nor for married couples. This means if either spouse has owned a home within the last 3 years you will not qualify for a tax credit of 10% of the purchase price with a maximum amount of $8,000.
You must sign a purchase contract no later than April 30th, and must close by July, 1 2010.
Existing Home Buyers may receive for up to $6500.00 if they have lived in their home for five of the last eight years.
This tax credit does not have to be paid back providing you live in the home for three years.
No minimum income requirement is necessary for claiming the credit. If you do not owe any taxes, you will receive the credit in cash. I recommend that you consult your tax advisor to help you properly fill out the tax form to receive your credit.
A couple of interesting side bars... I heard that a person obtaining a home through a land contract may qualify for the first time home buyers funds. Also, if a parent co-signs a mortgage to help their child purchase a home, the parent's history of owning a home for the past three years does not affect the child's ability for first time home buyers monies.
Time is running out. The lenders are telling me it is now taking 30-45 days to close, interest rates are climbing up. Do not delay, call or text today to sell your house or to help you find you a new home. I can also be reached at bertspangenthal@bex.net. Oh by the way, I am never to busy for your referrals. Bert Spangenthal, Remax, Preferred Associates.
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