Buy a house, get $8,000…
March 31st, 2009 Categories: Fun Stuff
It has been pretty well publicized, but I thought I would toss it out there again… There is an $8,000 tax credit available for ‘first time home buyers.’ Here are a few facts about the program…
- A First Time Home Buyer is defined as someone that hasn’t owned a home in the last three years.
- The Credit is good for 10% of the purchase price of a home (new or resale) up to $8,000.
- There is a phase out for people with a Modified Adjusted Gross Income of more that $75,000.
- There are several ways to recapture the tax credit NOW, even if you have already filed your 2008 taxes.
- It is good on purchases up until December 1st, 2009.
There is a lot of pretty easy to digest information available direct from the source, the IRS, available here.
If you qualify, this is a GREAT incentive to buy a home. Rates are ‘kick-butt’ low, inventories are strong… although I will be writing about that in the next day or two… and underwriting guidelines are tougher than a few years ago, but not impossible.
from LaneBailey.com
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