What are you first time home buyers waiting for? I think that right now is the perfect time to buy. Especially for first time home buyers. A first time home buyer is some on that has NOT OWNED a home in the last three years. I asked my accountant to explain this DEAL to me.
Here is what she said: This REFUNDABLE credit is part of the housing Assistance Tax Act of 2008. It is effective for first time home buyers on or ofter April 9, 2008 to before July 1, 2009. It is for those whose modified adjusted gross income is less than $95,000 ($170,000 for joint files). It is actually a loan that is to be paid back over 15 years. The credit is taken on the tax return. Recapture begins 2 years after the purchase by adding$500 to their income tax bill each year for the next 15 years or until the home is no longer the principal resident the unrecaptured amount must be recaptured in the year of the sale. However, the recaptured amount may not exceed the amount of the gain from the sale of the residence to an unrelated person. The taxpayer will need to file a tax return for each year during the recapture period. The IRS can require real estate reporting persons to file broker returns in order to verify a homebuyer’s eligibility for the creidit. I describe Ocala as rural, which means most of Ocala is eligible for USDA 100% financing.
So you first time home buyers do not need to come out of pocket to buy a home and you will get up to $7500 form the Government. What are you waiting for?
You can get the best of both worlds. Buy a Bank foreclosure or short sale, homes at reduced prices and get this bonus of $7500. Interest rates have decreased. Great time to buy!
I would love to help you find a perfect home. I would with great lender to help you with the loan. Give me a call 352-266-2637
A first time home buyer is anyone that has not owned a home in the last three years!
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