First Time Home buyers….do you qualify for the tax credit?

As many probably know by now, there is a new, first time home buyer tax credit in place, which modifies the previous credit. For those who qualify, it could make this year an ideal time to purchase your first house. So here is the deal:

Maximum credit amount was increased to $8,000.00
There is no repayment required.
Home must be purchased after Jan 1, 2009 and before December 1, 2009

Income limitations:

Full amount of credit available for individuals with adjusted gross income of not more than $75,000, ($150,000 if filing a joint return)

Phases out above those caps. ($95,000 and $170,000)

This tax credit is available for first time home buyers only. As a way of clarification, that means that the purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to the purchase.

Since interest rates are hovering at or near all time lows, and prices are so signifcantly down, this added incentive may be just the thing to create an unbelievable opportunity for qualified, first time home buyers.

Please feel free to contact me directly, if you have any questions about this provision, and to discuss some of the fabulous buying opportunities in the market, today.

This entry was posted on Monday, February 23rd, 2009 at 1:09 pm and is filed under Buying Real Estate, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.