Buy a house, get $8,000…
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It has been pretty well publicized, but I thought I would toss it out there again… There is an $8,000 tax credit available for ‘first time home buyers.’ Here are a few facts about the program…
- A First Time Home Buyer is defined as someone that hasn’t owned a home in the last three years.
- The Credit is good for 10% of the purchase price of a home (new or resale) up to $8,000.
- There is a phase out for people with a Modified Adjusted Gross Income of more that $75,000.
- There are several ways to recapture the tax credit NOW, even if you have already filed your 2008 taxes.
- It is good on purchases up until December 1st, 2009.
There is a lot of pretty easy to digest information available direct from the source, the IRS, available here.
If you qualify, this is a GREAT incentive to buy a home. Rates are ‘kick-butt’ low, inventories are strong… although I will be writing about that in the next day or two… and underwriting guidelines are tougher than a few years ago, but not impossible.
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Don’t hesitate to shoot Lane a message if you have any questions, or need any help. And check out the new links for FREE Property Searching, FREE Comparative Market Analysis and FREE Market Reports. They are near the top of the page…
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http://lanebailey.com/2009/04/04/do-you-have-a-dream-georgia-has-a-dream-for-buyers/ Do you have a Dream? Georgia has a Dream… for Buyers! | Garage with a Detached Home
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http://lanebailey.com/2009/04/07/a-very-quick-rundown-of-some-current-buyer-programs/ A (very) Quick Rundown of Some Current Buyer Programs | Garage with a Detached Home
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http://lanebailey.com/2009/05/12/get-8000-from-your-uncle-for-a-down-payment/ Get $8000 from your Uncle for a Down Payment? | Garage with a Detached Home
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http://lanebailey.com/2009/07/04/8000-first-time-home-buyer-tax-credit-ends/ $8000 First Time Home Buyer Tax Credit ends… | Garage with a Detached Home
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http://lanebailey.com/2009/11/15/first-time-home-buyer-tax-credit-extended-and-expanded/ First Time Home Buyer Tax Credit… Extended and Expanded | Garage with a Detached Home
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