With all the big news about the new and improved tax credit for buying a home, it seems like there are still so many
people who don't know or understand how it works and if they qualify
So here is the scoop...
As part of the stimulus package to boost the economy the government has passed a tax credit for buying a home. Now the words "tax credit" sound a bit confusing, you may think well only people who make a lot of money or pay a lot of taxes can get this credit. The fact of the matter is they should have called it "
Free Money to Buy a Home". That is exactly what it is, you get free money for buying a home, now you may think that is crazy, why would you get money for buying a home? Well its simple, if you buy a home there is a chain of events that is set off that produce economic activity. The bank making the loan makes money, the title company makes money, a surveyor makes money, a home inspector makes money, a real estate firm makes money and who ever you bought the home from makes money and in turn they buy a new home. Buying and Selling homes created an enormous amount of economic activity, so much so that the government is willing to give you up
$8,000 to help the process. It’s AWESOME!
The real cool thing is that you can have that money in hand in 45 day!
SO.....
Who Qualifies for the new Credit?
* First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
* Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is
$8,000.
The maximum allowable credit for current homeowners is
$6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by tow additional factors:
1.The price of the home.
2.The buyer's income.
You can visit the following link for additional information
http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit
and as always please feel free to email or call me anytime for additional information and to see if you qualify. 806 654 3842 or
dirk@pru-ada.com
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