I am still surprised how many new homebuyers still don't understand that they can get an $8,000 first time homebuyers tax credit. In fact, just this week one of our clients closed on a home and it was the fact that she would get an $8,000 credit that actually sealed the deal during the negotiations.
Not only that, but first time homebuyers can actually apply for down payment assistance through the state of Florida before they close on their home and then repay the amount when they get their tax refund.
However, these homebuyers need to act fast. Buyers have until December 1, 2009 to close on a new home in order to receive the credit or any down payment assistance.
Here are some other answers to frequently asked questions about the first time homebuyers tax credit:
1. To qualify as a "first time homebuyer" the buyer and his/her spouse may not have owned a home during the three years prior to the purchase.
2. The tax credit may be applied to primary residences only.
3. The maximum allowable tax credit is 10% of the purchase price of the home up to $8,000.
4. Single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 may receive the maximum $8,000.
5. The money does not need to be paid back to the government as long as the buyer occupies the home for three years or more.
When you combine this first time homebuyers tax credit with interest rates that are still low and home prices at rock bottom, there has never been a better time to buy your first home.
The first time homebuyers tax credit can save you up to $8,000, but you can save thousands more when you buy a home through uKeepCommission Real Estate. At uKeepCommission Real Estate we give an extra 1% cash back at closing? For more information on how uKeepCommission Real Estate can save you thousands of dollars visit us on the web @ http://www.uKeepCommission.com
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