First Time Homebuyer Tax Credit Revised
Help is on the way. The new First Time Homebuyer Tax Credit has been revised:
Amount: 10% of purchase price, up to a maximum of $8,000
Date of Eligibility: Purchases occurring Jan.1, 2009 - Dec. 31, 2009
First Time Homebuyer Requirement: Buyers may NOT have owned a principal residence in the 3 years preceding the purchase.
Income Limits: Full credit available to individuals with an AGI of no more than $75,000 ($150,000 on a joint return) Credit phases out for AGIs up to $20,000 above those caps.
Eligible Property Types: Any single family residence that will be used as a primary residence. Includes condos, co-ops and townhomes.
Repayment: None
Recapture: If the home is sold within 3 years of purchase, the entire credit is recaptured on sale.
With home prices and interest rates dropping now is a great time to buy. We do not know how long this trend will last. History always repeats itself,so prices will eventually rise. Make 2009 your "dream home" year. I have lenders waiting to help you get pre-qualified. Contact me with any question and to get started today.