$8000 First-time Home Buyer Incentive
Posted by melcoker on May 4th, 2009
Opportunity of a lifetime for first-time homebuyers?
YES!
NOW is a Great time to buy a home for anyone… and, now especially so for first-time homebuyers.
Reasons to BUY your home: Build equity (increase net worth)… deduct mortgage interest and property taxes on federal and state tax returns… lots of home inventory… LOW interest rates… prices in general have slowed or remain steady.
The biggest reason… Congress has enacted a NEW law to encourage home ownership for first-time home buyers with $8000 on the table.
Quick Facts About NEW Law Provisions for First-time Homebuyers:
- The tax credit is available for first-time home buyers only. The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
- The maximum credit amount is $8,000.
- The credit DOES NOT have to be repaid! This is a FREE $8000 gift from the American taxpayers for buying a home under the provisions of the law.
- Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible..
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
- Home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.
- The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
More information:
In Columbia (SC), contact Mel Coker to get started with buying your first home!
I have created a special website: First-time Homebuyers Guide
This covers home-buying benefits and 9 steps to buying your first home. I have also created a RENT vs. BUY comparison that shows the huge savings when you BUY a home. CLICK HERE for the rent vs. buy comparison
Home Buying = Wealth Building!Ready to BUY a home in Columbia, South Carolina? Contact Mel Coker.
Call (803) 749-5800
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