First Time Homebuyers, The Clock is ticking!

First Time Homebuyers…The Clock is ticking…

Uncle Sam wants you to buy a house!  If you are a first time homebuyer, he is even willing to give you an $8000 tax credit to do so.  Time is ticking away…this deal only lasts through November of 2009.  With rates still low, many properties to choose from that are aggressively priced, it really is the time to take advantage of the deals and get $8000 from Uncle Sam.

As I have outlined before, the program is simple, however, if you have any questions, you may want to check with your accountant or CPA.  You can also check on the IRS’s website.  However, here is an outline of the program:

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  • Must be first time homebuyer – That means you haven’t owned a home in the past three years, and your spouse hasn’t either if you’re married.

  • Purchase home before December 1^st 2009

     

  •  File an amended return on your 2008 tax return, or wait to file on your 2009 tax return

     

  •  The credit is for 10% of the purchase price, up to $8000

     

  •  The credit amount starts phasing out if you make more than $75,000 or $150,000 if you’re filing a joint return.

     

  •  Enjoy the benefit of an $8000 tax credit

     

 

Again, with interest rates at historic lows, homes being aggressively priced, and an $8000 tax credit, now is an outstanding time to be a first time homebuyer!  But don’t forget, this offer does have an expiration date.  To be eligible for this money, you must purchase before December of this year.  So call a Mortgage Professional, get pre-approved, and go out there and find your dream home!

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