Time is running out for the new home buyers...
Your $8000 reasons to buy a new home will expire on November 30, 2009.
FIRST TIME HOME BUYERS TAX CREDIT TOP 10 LIST
- Amount of Credit - 10% of purchase price, not to exceed $8,000
- Eligible Property - Single family residence (principal residence)
- Not Refundable- Reduces or eliminates income tax liability, will receive refund for unused amount
- Income Limit - Single taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
- First Time Home Buyer - Purchaser and Purchaser's Spouse may not have owned a principal residence in three 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 1st, 2009 and before December 1st, 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
- Termination - Program expires on December 1st, 2009
- Effective date - Effective as of January 1st, 2009
Finding a house takes time but also don't forget that these items require time (usually about 45-60 days)to process a transaction:
- Finding a Realtor whom you trust and who will best represent you
- Writing an offer
- Offer acceptance and negotiations
- Finding a Lender
- Loan application
- Survey
- Inspections
- Repairs
- Appraisals
- And other issues which often come from lenders, title companies etc...
TIME IS RUNNING OUT SO DON'T DELAY ANY MORE THAN IS NECESSARY!
With smiles,
Bo in Yukon
Bo in Yukon
Experience isn't expensive, it's PRICELESS!
This is a very timely post, Bo. Anyone who waits until the last minute will miss out!
Bo, I just wrote one myself and will re-blog yours too, as you did a great job of pointing out the terms and requirements!
Shirley - Thanks. Fence sitting indecision in this case doesn't pay...it takes longer and longer to close the loan...
Mary - Thanks for your kind words. Glad you could use it...
With smiles,
Bo in Yukon
Hi Bo! I am so glad you posted this. I wish I was a first time home buyer! What an opportunity to receive and a horrible one to miss out on.
Linda - thanks for stopping by...I wish you were a first time home buyer...I would love to sell you a house...LOL...
with smiles,
Bo in Yukon