Tuesday, September 8, 2009
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THE TRUTH ABOUT FIRST TIME BUYER CREDIT
THE TRUTH ABOUT FIRST TIME BUYER CREDIT
We’ve been getting calls from buyers and sellers concerned about the First-Time Homebuyer Tax Credit. There is a lot of hype right now and many people have the wrong information.
I think the following information on the credit is easy to understand and useful to you if this is the time for you to buy a home. Take advantage of this rare opportunity.
Here are details on the $8,000 tax credit for first time homebuyers that can be used on all residential properties:
Tax credit equals 10% of the property's value not to exceed $8,000.
Effective for properties bought by January 1, 2009 and closed by December 1, 2009.
The property purchased must be single-family (condos & townhouses included).
There is an income limit of $75,000 per individual (adjusted gross income) or $150,000 if filing a joint return. Individuals above these salaries may still receive a portion of the tax credit.
Only first-time homebuyers are eligible or the purchaser (and purchaser's spouse) must not have owned a principal residence in the last three years.
This tax credit does not have to be repaid if the property used as a principal residence for three years.
Most experts are saying you should be under contract no later than Oct.9th, 2009.
From Kathy Gedeon of Dollar Bank: “The tax credit has had a positive impact on the market. Customers who were planning on buying in the future have now been motivated to buy now to take advantage of the credit.”
Judy Darwal of RE/MAX Trinity is happy to report:” Very positive – in fact we're running tons of 1st time buyers who are trying to beat the deadline”.
Third Federal loan Administrator, Debra Branske feels that “the opportunities for the industry would have been greater if they included not just the first time buyers but all buyers and builders”.
Gedeon added “It will be more important than ever for REALTORs to make sure their prospective buyers are well qualified AND for buyers to get pre-approved BEFORE they go to the market place”.
This tax credit can be used, as long as buyers meet the federal criteria. This is just a basic summary. You should also consult a tax professional for more specific information that may pertain to you.
Talk to all the experts, and feel free to give us a call at 440 546 9660 - Gateway Title and Happy House Hunting!
We’ve been getting calls from buyers and sellers concerned about the First-Time Homebuyer Tax Credit. There is a lot of hype right now and many people have the wrong information.
I think the following information on the credit is easy to understand and useful to you if this is the time for you to buy a home. Take advantage of this rare opportunity.
Here are details on the $8,000 tax credit for first time homebuyers that can be used on all residential properties:
Tax credit equals 10% of the property's value not to exceed $8,000.
Effective for properties bought by January 1, 2009 and closed by December 1, 2009.
The property purchased must be single-family (condos & townhouses included).
There is an income limit of $75,000 per individual (adjusted gross income) or $150,000 if filing a joint return. Individuals above these salaries may still receive a portion of the tax credit.
Only first-time homebuyers are eligible or the purchaser (and purchaser's spouse) must not have owned a principal residence in the last three years.
This tax credit does not have to be repaid if the property used as a principal residence for three years.
Most experts are saying you should be under contract no later than Oct.9th, 2009.
From Kathy Gedeon of Dollar Bank: “The tax credit has had a positive impact on the market. Customers who were planning on buying in the future have now been motivated to buy now to take advantage of the credit.”
Judy Darwal of RE/MAX Trinity is happy to report:” Very positive – in fact we're running tons of 1st time buyers who are trying to beat the deadline”.
Third Federal loan Administrator, Debra Branske feels that “the opportunities for the industry would have been greater if they included not just the first time buyers but all buyers and builders”.
Gedeon added “It will be more important than ever for REALTORs to make sure their prospective buyers are well qualified AND for buyers to get pre-approved BEFORE they go to the market place”.
This tax credit can be used, as long as buyers meet the federal criteria. This is just a basic summary. You should also consult a tax professional for more specific information that may pertain to you.
Talk to all the experts, and feel free to give us a call at 440 546 9660 - Gateway Title and Happy House Hunting!
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