If you're a First Time Homebuyer in Missouri - this post is for you!
Recently, there have been so many changes in First Time Homebuyer Tax Credits I know many of you must be confused - I know I have been. Between the political party's taking, the media blabbing and then the actual changes, what we have in force has been difficult to keep track of.
As of today, I think you're safe in following this summary for the First Time Homebuyer Tax Credit of 2009:
1. A First Time Homebuyer is defined as someone who has not purchased a primary residence in the last three years.
2. The Federal First Time Homebuyer Tax Credit is now $8,000 or 10% of the value of the home.
3. This tax credit applies to people who purchase homes from the start of 2009 through the end of November 2009.
4. This is a tax credit which means just that -you get a credit.
5. This is not a reduction on tax liability.
6. The tax credit can be used for your tax liability - if you owe $5,000 in taxes, you can offset that with money from your $8,000 tax credit.
7. The credit applies to your principle residence. (house, townhouse, condo)
8. Buyers will have to repay the credit if they sell their home within three years.
9.There are income guidelines! To receive the full credit, first time buyers who are single should have an income of $75,000 or less; couples $150,000 or less.
10. Missouri Tax Credit Loan Program - As I mentioned a few weeks ago, Missouri will assist you with your down payment and closing costs, up to 6% of the purchase price. Missouri is then paid back when you file for your Federal tax credit. There are many more details but this is an amazing opportunity!
Whew! Got all of that??
This may help --
The first I heard of this chart in a post written by Missy Caulk, a fellow Realtor from Ann Arbor, MI. The chart was created by the National Association of Realtors (www.realtor.org) and I think it does a great job of putting "it" all together.
~~~~~~~~~~~~~~~~
Contact Debbie DiFonzo, Broker, United Country VIP Realty to buy property in Lebanon, Conway, Marshfield, Buffalo, Bennett Springs and the surrounding areas. I specialize in country homes, hunting land, river front property, dairy farms, large acreage and commercial property in Southwest Missouri. 417-532-2031 Lebanon MO office phone or email: missouriagent@msn.com
Copyright © 2009 By Debbie DiFonzo, All Rights Reserved. Are you a First Time Homebuyer in South Central Missouri?
Disclaimer: The information provided herein is obtained from multiple sources and is deemed accurate but not guaranteed. Information subject to change without notice.
Comments (3)Subscribe to CommentsComment