FIRST TIME BUYERS
GOOD NEWS FOR FIRST-TIME HOMEBUYERS
$8,000.00 Tax Credit
Q. How much is the Credit?
A. The tax credit would be for $8,000 or 10% of the purchase price, whichever is less.
Q. What type of purchase is eligible?
A. Similar to the $7,500 tax credit included in the Housing and Economic Recovery Act of 2008, the $8,000 tax credit included in the 2009 economic stimulus plan is available for the purchase of a principal residence by first -time homebuyers.
Q. Who qualifies for the first-time homebuyer credit?
A. According to the IRS, any taxpayer who has not owned a home during the 3 years prio the date of purchase can qualify for the credit.
Q. And I really don't have to repay the credit?
A. No. This is a change form the previous $7,500 tax credit . However, if the home is sold within three years of purchase, the credit will be reversed.
Q. Are there income limitations on the tax credit?
A. The tax credit begins to phase out for individuals with adjusted gross income over $75,000 ($150,000 for joint filers).
 Dreaming of owning your first home? Tired of shoveling out rent for a home or apartment that doesn't feel like yours? Take heart, changing from renter to homeowner may be easier than you think. I'm here to help.
Where do you start?
First of all, learn the financing basics. Get pre-approved and become a smart shopper.
When you buy your first home, making monthly payments probably won't be a problem. After all, you're already paying rent to your landlord each month. It's coming up with the lump sum needed for a down-payment that may seem impossible. Fortunately, there are options to make buying your first home a happy reality.
Programs for first-time buyers. There are several local or federal government programs that help first time buyers get into the housing market. Ask me about these options. $8,000 Tax Credit
Your lender. Your bank or credit union may help as well. Are you debt free and own something free and clear, like a car? Your lender may lend you the down-payment by securing it against this asset.
Private contracts. Look for a seller to help you buy and finance your home. Some sellers are willing to carry the contract themselves and will waive the down payment. You may only have to pay the monthly mortgage installments.
Need financial solutions?
Credit or tax problems. Do you have problems with your credit rating or owe money in taxes? Buying your first home is still a possibility. Check with your lending institution about options, such as paying a higher down- payment.
IF YOU FEEL UNEASY OR UNSURE ABOUT WHAT TO DO, PLEASE CONTACT ME EITHER BY E-MAIL OR PHONE AND LET ME GO TO WORK FOR YOU.
THANK YOU!
Randall W. Tallent
If necessary, contact a financial advisor or tax resolution service.
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