An inside look at the residential real estate market in Southeast Texas including: the hottest neighborhoods, proven home selling strategies, home buying and negotiating tactics, median prices by neighborhood, average days homes are on the market, and professional advice on how to get the best deal when buying or selling a home.

Video Tour of Lumberton, Texas
Southeast Texas Home Sales in April Total 176

Ten Things To Know About the Home Buyer Tax Credit, Before Buying a Home In Southeast Texas.

Baby toes 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.

  1. 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.
  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. All homes that are used as a primary residence qualify.  If you buy a Boat house as your primary residence it qualifies.

  8. 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. 

  9. Its $8,000!  When was the last time someone gave you $8,000?

  10. What are you waiting for?  Its $8,000.  Call me and I'll help you find your dream home.

Search MLS for Homes
Email Diane

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Your Information

(Name and email address are required. Email address will not be displayed with the comment.)