The American Recovery and Reinvestment Act of 2009 features an $8,000 tax credit for first-time home buyers who purchase a residence on or after January 1, 2009 and before December 1, 2009. The details include...
*Only available 1/1/09 through 12/1/09 and equal to 10 percent of the cost of the home, up to a max credit of $8,000!
*Buyers claim the credit on their federal tax return
*Only first-time home buyers can take advantage of this credit...you are a first-time home buyer if you have not owned a home in the last three years
*Eligible properties include anything that will be used as a principle residence...homes, condo's and townhomes
*Some guidelines on credit include...gross income up to $75,000 for the full credit, $150,000 if filing jointly. The credit amount is phased down for earning more and not available for those who earn more than $95,000, $170,000 if filing jointly.
*The tax credit does not have to be repaid if the buyer stays in the home for a minimum of three years!
It's a Buyers Market out there folks, with mortgage rates remaining low and purchase prices incredibly low, now is a great time to take advantage of the new government tax credit!
If you wish to receive a flyer on this incentive, email info@homefieldrealtors
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