$8000 Home Buyer Tax Credit
What a great program offered by the government! The tax credit applies to first time homebuyers and those buyers who have not owned a home during the 3 year period prior to the purchase. Here is a summary of the program:
· The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the
three-year period prior to the purchase.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
· The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Because of the “mortgage crisis”, 100% mortgages are few and far between. FHA mortgage require 3% down. This tax credit allows buyers to put the money they have toward the down payment on a home and then get the tax credit money to put back in the bank account or to use towards the costs of homeownership.
For more details on this tax credit, go to:
http://www.federalhousingtaxcredit.com/2009/glance.php
posted by Carol @ 12:05 PM
1 Comments
1 Comments:
Any investment can be overpriced no matter how great its fundamental value or how secure its prospects. In the absence of a more thorough analysis, it's reasonable to suspect that investments in a market that has been rising for a long time are overpriced. In itself that guideline isn't a signal to sell, it is a signal to make a closer examination.
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