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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.

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