SHOW ME THE MONEY!!!

By
Real Estate Agent with Compass Realty PB20701793
It is true...the government is giving away money - but only to what they consider first time home buyers. The qualifications are really pretty clear. Here's the skinny: 1.) You have to be a first timer home buyer. What is a first time home buyer (you would think it's pretty self explanatory...but it's NOT!!!) A first time home buyer in the government's eyes is someone who HAS NOT owned principal residence in the past 3 years or a home at all. That means you could've owned a in the past, own a vacation home, own a rental home as long as the home you lived in the past does not have you as a title bearing owner in the past 3 years. 2.) It's technically not $8,000 they are giving you....it's UP TO $8,000 you can earn. Let me explain... They will pay you 10% of the purchase price up to $8,000. Therefore, to recieve the maximum benefit from this program you have to purchase a home for at least $80,000. If you purchase a home for $60,000 then you would only get $6,000 - not the advertised $8,000. (Don't get me wrong...it's still free money!!!) 3.) There is a time limit to cash in.... this year only. The dates that you have to purchase a home are from: January 1st, 2009 - December 1st, 2009 (not the 31st). 4.) There are income limits also (of course). The limits are $75,000 for an individual and $150,000 for a family. The income is "adjusted income" so they do take into account expenses - it's basically your taxable income they are looking at here. If you are above those limits you can still qualify for the rebate, but it will be reduced...if you want additional info just give me a call and we can discuss what you are looking at. 5.) Stay home. You have to live in the home you received the credit/rebate on for a minimum of 3 years. (which isn't a long time...my daughter was only 3 years old at the end of a 3 year time period.) If you don't they can take the money back (they call it a recapture clause). Extenuating circumstances do apply and there could be execptions to the recapture such as death of a spouse, etc. That's it! If you have any additional questions about the program just post them below and I will respond. This way anything I may not have explained clearly others can capitalize on the answers as well. Please remember to send me those referrals! Any of your family members or anyone you work with...send them my way ;-)

Comments (1)

Anonymous
JESSICA

NICE BLOG!  I GIVE IT A 5STAR RATING!  YOU ARE BY FAR ONE OF THE BEST REALTORS IN THE BIZ! KEEP UP THE GOOD WORK!

Aug 28, 2009 04:11 AM
#1