3/02/2009

Brief Explanation of New Buyer Tax Credit

Buyers have until November 30, 2009 to take advantage of this credit. As you may know, not everyone who buys a home in 2009 qualifies for the new $8,000 Federal Tax Credit for a home purchase. Here is the qualification criteria:

  • Buyers must be a first time homebuyer (no home ownership in the last 3 years)
  • Home must be purchased between January 1, 2009 and November 30, 2009
  • The home must be kept for minimum three years
  • The home must be owner-occupied
  • The credit is $8,000 or 10% of the home's value, whichever is less
  • A single person cannot make more than $75,000 for the full amount ($95,000 max. for partial credit)
  • A couple cannot make more than $150,000 for the full amount ($170,000 max. for partial credit)
  • AND, if someone meets the above criteria AND buys a newly built home, they will receive the $8,000 Federal Tax Credit and the $10,000 California state tax credit as well.

How's that for an incentive to buy a home! Go to my website http://www.juliahuntsman.com/ to find properties under $300,000; for example, right now in Long Beach along there are about 480 condos listed in the MLS, many in the lower price ranges.

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