Columbus - First Time Home Buyer Tax Credit

By
Real Estate Agent with HER Realtors

The First Time Home Buyer Tax Credit was signed by the President today as part of the American Recovery and Reinvestment Act.  It modified the program that went into effect in April 2008. 

chart from Real Living about First Time Home Buyers Tax Credit

  • Lesser of 10% of cost of the home or $8000 tax credit
  • All principal residences (single family, condo, fee simple townhouse) are eligible
  • Refundable
  • Income limit of $75,000  ($150,000 for couples)
  • First time home buyer (someone who has not owned a principal residence in 3 years)
  • Can use local or state revenue bond financing as well
  • No repayment (homes purchased after January 1, 2009)
  • Recapture (if home is sold within 3 years)
  • Ends December 1, 2009
  • Effective January 1, 2009


This is a national program but there are some great Central Ohio homes for “first time buyers” (a first time buyer is someone who has not owned a home in three years.)

 

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Edit:  source

It's from the NAR at http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home (in the Homebuyer Tax Credit section)

See comment providing attribution.

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This post provided by Maureen McCabe HER Realtors*

Contact Maureen McCabe of HER Realtors* - 614.388.8249

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*Real Living HER

Information is deemed to be accurate but should be verified to your satisfaction.  Information provided herein is supplied by several sources and is subject to change without notice.  Opinions expressed are solely those of Maureen McCabe.

 


 

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Rainer
212,227
Carol Smith
Casmi Photography - Mebane, NC

Good info, Maureen.  It seems that the rules for this credit change by the moment.  It's confusing for those of us that are supposed to be 'in the know' so it's really got to be confusing for the consumer.  Hope your market perks up and this proves to be a true stimuli.

Feb 17, 2009 12:01 PM #1
Rainmaker
1,477,608
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

I think this is it and I am clear on what is in it and what is not.  I read something though that said it could be amended.  I suppose anything can change.

Feb 17, 2009 12:17 PM #2
Ambassador
976,369
Steve Shatsky
Dallas, TX

Hi Maureen... I love how clear and understandable your info on this topic is presented.  Thanks for sharing it.

Feb 17, 2009 03:06 PM #3
Rainmaker
1,477,608
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

thanks. Real Living did a good job of keeping us updated through all the gyratiions,  this chart was posted via pdf.  Kristal Kraft shared the same chart so I am wondering where it came from.  No attribution makes me nervous,

Feb 17, 2009 08:51 PM #4
Anonymous
Jay Thompson

I'm seeing that chart on a lot of blogs with no attribution (which isn't right. Anything like that should be properly attributed.)

It's from the NAR at http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home (in the Homebuyer Tax Credit section)

Feb 21, 2009 10:26 AM #5
Rainmaker
1,477,608
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

thanks

Feb 21, 2009 09:11 PM #6
Rainmaker
1,477,608
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

Comments on this old post closed because of spam!

Sep 20, 2011 01:13 AM #7
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Rainmaker
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Maureen McCabe

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