2009 is going to be a great year for first-time home buyers! When President Obama signed the American Recovery and Reinvestment Act into law in February, it put into place 10 key privisions, one of which is the First-Time Homebuyer Tax Credit.
One might ask what this means for buyers in the Camp Lejeune area, so here's a breakdown of what you should know:
- The First-Time Homebuyer Tax Credit has been expanded to $8000 or 10% of the purchase price of your home, whichever one is less.
- It is a refundable credit! For example, if you are getting a tax return, the amout will be added to your return. If you owe money, the amount will go to pay down what you owe. Any money left over will be payed to you.
- The credit is for homes that are purchased after January 1, 2009 and before December 31, 2009.
- The credit is only for first-time home buyers. A first-time home buyer is defined as someone who did not own another main home at any time during the three years prior to the date of purchase.
- It must be used on your primary residence, investment properties are not eligible.
- If the home is sold less than three years from the purchase date, the credit must be repaid.
As The Starter Home Specialist for Jacksonville NC, Richlands NC, Hubert NC, and surrounding areas, I am ecstatic about this news! It's great for both buyers and sellers! Buyers are heartily rewarded for their investment, right off the bat, and sellers should be seeing more buyers coming into the market to take advantage of this fantastic incentive.
If you are thinking about buying your first home, but you want more information before jumping in, please feel free to contact me. I am prepared to answer your questions, and hopefully find you a home!
If you want to look into selling your home, call or email me, and we can further discuss how this credit could impact the sale of your home.
I look forward to your questions, comments, and feedback!
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