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To stimulate the economy, the
federal government is offering to credit home buyers with a Tax
Credit of $8,000 if the home is purchased before December 1,
2009.
The following information is intended to inform you of the basic
details of the program.
- The Buyers: You may not have owned another home within
the previous three years. Earnings may not exceed $75,000 for
singles - $150,000 for couples. If earnings exceed the above,
credit may be reduced.
- The
Purchase: You may choose a newly constructed home
as shown on our available homes page. However, you must close
on the property before December 1, 2009.
If you are working with new construction, your purchase date
is the date that you occupy your home.
- The Tax Credit: If you owe personal taxes the next time
you file, you will pay $8,000 less. If you owe no taxes - you
will receive a check for $8,000.
To receive an $8,000 credit, your new home must sell for $80,000
or more.
- Repayment of Tax Credit: If you own your home for three years
or more, there is No repayment of the $8,000. There are special
circumstances when the credit does not have to be repaid, even
when the home is sold in less than three years.
- Interest Rates: Current rates are among the lowest in
a generation. They are expected to continue at these low rates
through the end of 2009.
- Credit Score: Your credit score must meet or exceed
the minimum required by your lender.
- No Money Down: Depending on your circumstances, it may
be possible to obtain a no, or Low Down Payment loan.
- Gifts: Family
or employers "gifts" may be used to apply toward a
down payment.
- Closing Costs: Very often, sellers will contribute the
closing costs in a fair sale of existing property.
- Loan Prequalification: First step is to become pre-qualified
for your loan. DO NOT use an Internet Lender. Select from a reputable
local bank or mortgage broker.
We can- and will provide you with names to choose from.
****LET'S GET STARTED - You
must buy before December 1, 2009 to be eligible for the $8,000
Tax Credit!
Interest Rates won't get much better and if you wait, you may
miss earning the Tax Credit For more information, google irs.gov-fill
in first time homebuyer in the box - and click on First-time
Homebuyer credit information center |
