First Time Home Credit of $8000.00

What about this $8,000.00 First-Time Home Credit?

There has been a lot in the news and conversation within the real estate community about getting an $8,000.00 credit if you purchase a home this year.  This is true and it is one heck of a deal; with that said nothing is that easy to get, especially from the Federal Government, so here are the details.

  • 1) To qualify as a first-time homebuyer you could not have owned a home for the last three years. For example if you are buying in 2009 you could not have owned any property in the years 2006, 2007 and 2008.
  • 2) Maximum annual income is $75,000 if you are single and $150,000 if married filing jointly.
  • 3) You have to live in the property for a minimum of three years as your primary residence to avoid repayment of the credit.
  • 4) Credit will be taken on your 2009 Federal Tax returns; see this link for the form and instructions on eligibility http://www.irs.gov/pub/irs-pdf/f5405.pdf
  • 5) To get all of the details of how this first-time homebuyer credit can benefit your income taxes for the 2009 tax year contact your accountant.

Have you established a budget to see what you can afford or how to save to buy for a home?  Check out this web site http://www.mint.com/ to setup a budget.

What price range do you qualify for or just have some home loan questions?  Give me a call at 858.354.7024, email me curt@curtconkling.com or visit my webpage at www.curtconkling.com and click on contact us

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