To take advantage of the $8000 HomeBuyer Tax credit your loan must close by November 30th, 2009!
Congress legislation providing a tax credit of up to $8,000 for first-time home buyer's general information refresher below...
Available for qualified First-time home buyers;
defined as anyone who hasn't owned a home in the last three years
Claim up to $8,000 or 10% of the home's value (whichever is less)
Primary residence purchased & closed on or after January 1st, 2009
and before December 1st, 2009
Tax credit doesn't have to be repaid as long as the buyers
remain in the home for at least 3 years.
Single taxpayers with incomes up to $75,000 and married couples
with incomes up to $150,000 qualify for the full tax credit
If you qualify and would like to take advantage of the tax credit at a time when mortgage rates and home prices are low,
contact us today. It's a fantastic time to buy a home in the Cumming, Alpharetta and Lake Lanier area, especially since you may also qualify for the new $1800 home buyer tax credit passed in Georgia.
The Georgia Homebuyer tax credit makes for a powerful new home stimulus plan when combined with the Federal $8,000 first-time homebuyer tax credit. For more information on the Georgia Tax Credit
click here.
Call us today! It's a great time to buy in Georgia! Also, check out the
foreclosure listings in the area through a special link on our website.
Labels: $1800, $8000, 2009, Alpharetta, cumming, first time home buyer, georgia, Home, lake lanier, market, real estate, stimulus, tax credit
The new law refers to the tax credit as a first-time home buyer tax credit, but the law defines a first-time home buyer as someone who has not owned a primary residence for 3 years prior to the date of purchase of the new home. So as long as you have not owned a home in the past 3 years, you would qualify for this credit.
Here are the basics to this specific tax credit:
- The home must be your primary residence
- The home must be purchased in 2009
- The homebuyer must not have owned another primary residence for at least 3 years
- The $8,000 credit is applied to the federal income taxes you file in 2010 for the 2009 year.
- You must live in the home as your primary residence for at least 3 years or you'll have to pay the credit back to the federal government
- Single filers are limited to income of $75,000 and $150,000 for joint filers.
If you qualify and would like to take advantage of the tax credit at a time when mortgage rates and home prices are low,
contact us today. It's a fantastic time to buy a home in the Cumming, Alpharetta and Lake Lanier area. Also, check out the
foreclosure listings in the area through a special link on our website.
Labels: $8000, 2009, Alpharetta, cumming, foreclosure, lake lanier, tax credit
