If you are a first time home buyer and live in Northern Nevada, or anywhere in the United States, you may be eligible for the $8000 first time home buyers tax credit! Great news, right?
On February 17, 2009, Congress passed The American Recovery And Reinvestment Act of 2009.
The American Recovery And Reinvestment Act of 2009 says that first time home buyers are eligible to receive a $8000 tax credit.
How do you know if you are a first time home buyer?
The law defines the first time home buyer as "a buyer who has not owned or lived in a principle residence over the past three years."
Is this you, are you qualified to be a first time home buyer? If so, keep reading!
Listed below are a few simple points that you should know about the $8000 first time home buyers tax credit:
- 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.
- To be eligible, the home purchased must be your primary residence.
Note: This differs from the $7,500 First Time Home buyer Tax Credit that qualified purchasers could obtain is they bought between April 9th, 2008 and December 31st, 2008. This is a new act and literally gives you up to $8000 in your pocket!
So, what do you think? Do you think you are ready to start your home search in Northern Nevada? If you are and would like to learn more about getting paid to buy a home, I can help!
I can help you search for your home today!
I can help educate you on different loan programs that are available to first time home buyers.
With record low interest rates, the $8000 tax credit and home prices that are now equal to those of 2001, now is a GREAT time to buy a home in Northern Nevada.
If you are ready to take advantage these outstanding opportunities that are available to new home buyers, I can help! Call me or visit Northern Nevada Homes to begin your home search immediately.