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Mike is a Real Estate Specialist for Firelight at Highlands Ranch
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Get your $8,000! Thursday, July 23, 2009
If you don't own a home and haven't owned a home in the past three years, you might be able to get a free $8,000 from the U.S. Government. It's getting to be old news but not everyone is taking advantage of it.
1) First-time home buyers who purchase a home in 2009 may qualify for a tax credit (not a loan, a true credit) of up to $8,000 or 10% of the purchase price, whichever is less.
2) The Tax Credit is for home buyers (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase. Ownership of vacation property or rental property does not disqualify home buyers from this program.
3) To qualify for the full tax credit, married couples modified adjusted gross income (MAGI) must be under $150,000. Single buyers MAGI must be less than $75,000. Partial tax credits may be available for married couples with MAGI incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000. If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each (whichever is less) on their tax returns.
4) Home must be owned for at least 36 months (3 years) to avoid repayment penalties.
5) The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes.
There's some more rules and stuff about this credit, but this covers the essentials. Combine this with FHA loans going for around 5% interest and just 3.5% down payment required, it's no wonder first-time buyer's are out in force right now.
Take advantage of this opportunity now! Call me right now at 303-887-4275 to get started on the path to home ownership.
