Thinking of buying your first home? make use of $8000 tax credit

With the recent signing of the Stimulus Bill an $8000 tax credit was made available to First Time buyers who would purchased a home between January 1st 2009 and November 30Th 2009. This credit is only available this year, so now is the time to start looking for that new home.

Before you get started here are the highlights of the tax credit.

A first time buyer can also be someone who has not owned a primary residence in the last 3 years.

Types of properties that can be purchased: Condos, Co-op, Townhouses and single family houses which you will be required to live in.

Unlike last year's $7500 credit this will not have to be paid back.
Like most things, there is an income qualification. A single person can make up to $75,000 or a married couple filing jointly $150,000 to get the entire $8000. A single person making over $75,000 -$95,000 and a married couple filing jointly making over $150,000- $170,000 would only get a percentage of the $8000 tax credit.
You can get the credit now by amending your 2008 taxes or claim it on your 2009 return.

Keep in mind you will have to live in this home for at least three years. If it is sold earlier you will have to pay back the amount.
Even if the home is financed with a state or bond fund you can still get the tax credit.

I can hardly think of a better time to buy a home if you have good credit and a down payment. The interest rates are at their lowest in years; home prices have also dropped. There is a large inventory with room for negotiation and to add to that an $8000 tax credit you don't have to pay back. So this is the year to make that move. Don't let December 1st roll around leaving you with regrets.

If you would like assistance identifying that home that's right for you, please contact me. I enjoy helping people find their first home and will provide you with resources to make the process a memorable one.

Whether you are considering buying or selling contact Jennifer Fivelsdal- Associate Broker- Keller Williams Realty Team - 845-758-6842- jennifer@jfivehomes.com and www.jfivehomes.com

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