Friday, July 31, 2009

Home Buyers Do Not Delay

There is ONLY 3 more months for first time home buyers to get up to $8000 free money from the government if you purchase and close on your home by November 30, 2009. Buyers thinking of a purchase should not wait because competition for affordable properties is fierce. A buyer may have to put in multiple offers to get a property that is not a short sale or wait many months for a short sale to close. The time is NOW to start to start the home search. Buyers Broker of Florida can help you find a home.
  • Tax credit applies for homes purchased from January 1, 2009 to November 30, 2009.
  • 10% of purchase price up to $8000 for single resident or married couple filing jointly.
  • US Citizens who are first time home buyers or home buyers that have not owned a home for preceding 3 years.
  • There are income limits restrictions. Income has to be $75,000 or less for single filers and $150,000 or less for married couples filing jointly.
  • The tax credit reduces the taxpayers tax bill or increases his or her refund, and will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax they owe.
  • Repayment is not required.
  • Tax credit is only available for purchase of principal residence, not vacation or rental property.