Ten Things To Know About the Home Buyer Tax Credit, Before Buying a Home In Southeast Texas.
May 15, 2009
Have you heard about the $8,000 tax credit for home buyers? Its been getting a lot of press lately.
Before you rush out to buy a home, here's ten things you should know about getting the tax credit.
- To qualify you have to be a "first-time home buyer". Now what does that mean exactly? According to the rules it means you can not have owned a home in the past three years.
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You have to close on the home before November 30, 2009. You have got about six months left to be eligible for $8,000. Its time to start looking at homes.
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If you buy a home that costs less than $80,000, you'll get a tax credit of 10% of the purchase price. Math 101- Buy a home for $70,000, you are eligible for a $7,000 credit.
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Here's a catch. You have to live in the home as your primary residence for three years or you will have to pay the credit back if you sell the home and make a profit.
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Here's two exceptions: If you get divorced or die you don't have to pay the money back. Try not to do either of those things.
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Here's another catch. If you are a single individual and you earn more than $90,000 annually, you aren't eligible. If you are married and your combined income is more than $170,000 annually you don't qualify.
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All homes that are used as a primary residence qualify. If you buy a Boat house as your primary residence it qualifies.
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You can use the $8,000 to help with your closing costs. *This is a new rule that is just now being implemented. Federal Housing Tax Credit Website has all the details.
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Its $8,000! When was the last time someone gave you $8,000?
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What are you waiting for? Its $8,000. Call me and I'll help you find your dream home.

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