The $8,000 tax credit for first time home buyers is one of the best opportunities for new homeowners in this current market. Prices are lower, and the tax credit will help ease the crunch of the first year of being a home buyer for many people.
But there's a time limit to this credit - you have to buy by November 30,2009 in order to claim the credit on your 2009 tax return. It won't last forever. With rates being low, and prices still lower than they have been in years, first time home buyers should plan to claim this credit. That means buying now, in order to close the sale before the time limit runs out.
A first time home buyer is someone who has not owned property for three years. The credit is equal to 10% of the purchase price of the home, up to $8,000. The credit does not need to be repaid. Single buyers with incomes up to $75,000 and couples with incomes up to $150,000 may receive the maximum tax credit. The amount of the credit decreases as the buyer's income increases. Single buyers with incomes over $95,000 and couples with incomes over $170,000 are not eligible for the credit.
Single family homes, condos, townhomes and co-ops are eligible for the credit, and must be a primary residence.
Call us for more information about this great opportunity, and to find the home of your dreams!