By Fred Tichauer, Associate Broker, Keller Williams Greater Omaha and investor with over 35 Years Experience.
If you are a first time buyer you can reap the benefits of the non-repayable tax credit and you can start building your own wealth rather than your landlord's. I am sure that you realize that if you have been renting for the past 3 years @ a monthy rent of $800 X36 months you paid your landlord $28800 (ouch) so selfishly if you are ready to be a home owner there is not a better time than the present to get started.
Buying your first home is a big step, one that you have probably looked forward to for many years but for one reason or other you never took the step. A home is a financial asset and that is why we work hard to help first-time home buyers achieve the dream of home ownership.
Now is the perfect time for any one that has been sitting on the sidelines thinking to either buy a home or keep on renting. When you rent you are helping your landlord build equity,wealth and reducing their debt so stop waiting and get started on your way to home ownership and building your own equity?
Great News: If you are credit worthy and are purchasing a primary residence for the first time (not a rental) OR if you had not owned a primary residence within the past 3 years prior to the date of your 2009 home purchase you may qualify for an $8000 non repayable tax credit. Yes it is true. Note: If you're married, both you and your spouse must meet this definition of "first-time home buyer".
Let's get started with understanding the tax credit.
Step 1.Understand the Tax Credit
A. The Tax Credit Provides Outstanding Opportunity for First time Home Buyers
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyer.
But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. Use the links below to find out more about the tax credit.
B. First- Time Home Buyer Tax Credit
$8,000 Home Buyer Tax Credit at a Glance
•· The tax credit is for first-time home buyers only.
•· The tax credit does not have to be repaid.
•· The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
•· The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
•· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Step 2. Get started with the buying process by working with a knowledgeable team of realtors that understand this market and can help you find a great deal.
This is a terrific time to buy with near record low interest rates (lowest in over 30 years) and a great selection of homes at unbelievable prices compared to just a few years ago makes this the perfect time to take the plunge towards home ownership.
If you are still not sure if home ownership is right for you or not, why not take the time to visit with us. We can help answer or direct you to answers to your questions related to the entire home buying process including suggestions on reputable lenders.
For further information or for a confidential no obligation consultation, call the Keller Williams Real Estate Omaha Real Estate Investing Team of Fred Tichauer, 402-679-3914, email: fntichauer@cox.net,John Van Gelder, 402-871-5596, email:johnvangelder@kw.com, Scott Houck at 402-676-1008 email: Scott@FreeOmahaInfo.com, Bryce Penke at 402-578-9006, email: penke@cox.net, Shawn Prouse at 402-305-1504, email: sprouse@kw.com.
With us you can count on: Excellence, Trust, Commitment, Honesty, Integrity, Leadership, Expertise, Practical Knowledge, Results and over 60 years experience as investors.
Our Mission is simple: TO HELP OUR CLIENTS GENERATE WEALTH
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