The goverment has just made it better for homes buyers who have not own a home in the past 3 years or is a new home owner. FIRST-TIME HOMEBUYER TAX CREDIT As Modified in the American Recovery and Reinvestment Act February 2009 EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009 |
| | | Amount of Credit | Lesser of 10 percent of cost of home or Maximum credit amount to $8000 | | Eligible Property | Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence. | | Refundable | Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser when tax return is filed. | | Income Limit | Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000). | | First-time Homebuyer Only | Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase. | | Revenue Bond Financing | Purchasers who utilize revenue bond financing can use credit. | | Repayment | No repayment for purchases on or after January 1, 2009 and before December 1, 2009 | | Recapture | If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009. | |
Consider this your home buyer’s toolkit. Open it up, take a look around, and if you like, start equipping yourself with the tools necessary to make your best purchase. In most businesses, knowledge equals power, and real estate is certainly no exception. I hope you enjoy the free reports I’ve provided, and I hope you learn a little more about what it takes to make your important purchase a great one. The real estate market in Crossville is not as bad as other parts of the country, but there is some great buys out there for buyers now.. I can help you decide how much you want to spend and what area you would like to live. I will be a buyers representive and help ou through the process of finding, making an offer and finally closing on your new home.
 When you're ready to act, contact me. I fight on behalf of my buyers.
I negotiate the absolute best price.
I protect you.
I simplify your transaction for you as much as possible. I look forward to working with you. Thanks for stopping by,
Barbara
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