Would you or someone you know like to purchase a home in the next 6 months? Well, if you haven't owned a house in the last three years and meet certain criteria, this may be your year to become a homeowner!
Chances are you have heard about the First-Time Home Buyer Tax Credit which is part of the American Recovery and Reinvestment Act created in July of 2008. Revised earlier this year, it provides a maximum credit amount of $8000 to purchasers who qualify. This is not a loan; as long as you live in the house for three years, it doesn't have to be paid back; basically it's a GIFT. Only single family residences (including condos) qualify. Purchases of multi-family houses, even if owner-occupied, are not eligible. Only applicable to homes purchased between January 1, 2009, and December 1, 2009, there are a few rules.
- Purchasers must have an adjusted gross income of no more than $75,000 for individuals, $150,000 on a joint return.
- Purchaser and spouse may not have owned a house in the 3 years previous to the purchase.
- If the home is sold within three years of purchase the whole amount of the credit must be repaid at closing.
Home prices are at the lowest they have been in years. There are many great opportunities out there. If you would like to find out if you qualify for a mortgage and the First-Time Home Buyer Tax Credit, give me a call or send me a message and I'll give you a referral to a lender who can answer all your questions. And if you need help finding your home, let me know! It's an exciting time to be a home buyer.Note: I am a licensed Realtor in Rhode Island & Massachusetts. Even if you are not looking for a home in my area, please call me. I am part of Leading Real Estate Companies of the World, the premier real estate network providing service nationally and internationally. I would love to give you a referral to a qualified, professional Realtor in your area!
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