First Time Home Buyer Tax Credit 2009 Update
July 9th, 2009 Categories: Chester County, Financial, First Time Home Buyers, Home Buyers
Still Sitting On The Fence With Your Home Ownership Dreams?
If you’ve been puzzled and sitting on the fence when it comes to your home ownership dreams 
all I can say is ouch! Now is the time to get off of the fence and take advantage of this opportunity for your potential First Time Home Buyers $8,000 Tax Credit*.
We all crave our own space, good neighbors to share a back yard barbecue with, a place for the kids, some flowers and a few tomato plants. Many of my first time home buyers can’t wait to say goodbye to “broker beige” and decorate in their favorite colors to express their personal style.
Check out my 7 Point First Time Home Buyers Quick Summary and let me know what you think? You might be looking forward to investing instead of throwing money away on rent. Our homes were never meant to be banks, but even with our current challenges in the financial and housing market, home ownership has historically out performed the stock market for investment return, interest rates are at historic lows, prices are down and sellers are motivated.
7 Point First Time Buyer Tax Credit Quick Summary. Do You Qualify For The First Time Home Buyer Tax Credit?*
- You’re a First Time Buyer who has not owned a home within the last 3 years prior to your home purchase date
- You will close on a home between January 2009 and November 30, 2009.
- Your home purchase will be your primary residence, not a vacation or second home.
- You are not purchasing a home from a close relative, parent, child or spouse
- You DO NOT qualify if your single personal income is more than $95,000 or if your joint income is more than $170,000.
- If you qualify, the credit you receive is equal to 10% of the purchase price up to $8,000.
- Buyers with up to $75,000 of income and joint filers with up to $150,000 of income may get the maximum credit. But single buyers with incomes between $75,000 and $95,000 or joint filers whose income is between $150,000 and $170,000 may have their tax credit decrease at the upper range.
3 Ways To Use Your First Time Home Buyer Credit*
- Claim the First Time Home Buyer Credit on your Tax Return in 2009
- FHA may approve borrowing against the tax credit to help cover your closing costs or to increase your down payment
- since the $8,000 possible tax credit is a refundable tax credit up to 10% of the purchase price, and if your tax liability is less than $8,000, the IRS may refund the difference.
*Since I am not an Accountant or an Attorney I advise my clients to consult their Tax Adviser or Attorney with all of your tax related questions.
Call me to find out more about some good First Time Homebuyer choices, Judy Peterson, Realtor, Prudential Fox and Roach Devon Home Marketing 610-889-5509.
