With the end of the tax credit fastly approaching below we will answer some frequently asked questions regarding the First-Time Home Buyer Tax Credit
Who Qualifies: To qualify as a first time buyer you truly have to be a first time buyer or someone who has not owned a property in the past 3 years.
How Much Will The Credit Be: The maximum credit allowed is $8000 any price less than 80,000 the maximum would be up to 10% of the purchase price: i.e. if you buy a $50,000 dollar home the max credit would be $5000…. The maximum allowable income is $75,000 for singles and up to $150,000 for married couples.
Eligible Properties: Single Family homes, Condos, and Town-homes as long as it is your primary residence.
Will the Tax Credit Need to Be Repaid: If you stay in the home for at least 3 years the answer is NO. If the proeprty is sold before the 3 year period then the entire credit would be repaid at time of sale.
If you are looking to take advantage of the tax credit the time to move is now. The tax credit is good through 11-30 -2009 if you close on a home after that date you are not eligible.
Posted by Randy Ratchford. Randy can be reached toll free @ 877-627-9211 ext107 or email RRatchford@HorizonFinancial.org
