It still surprises me how many homebuyers still don’t truly understand
how the $8,000 federal tax credit works. So, I can either give my blog readers 8,000 reasons to buy a home or answer frequently asked questions about how the federal tax credit works. I think I will choose the shorter route and answer frequently asked questions, since the deadline for the tax credit is approaching fast.
Here are answers to some of the most asked questions:
* The deadline for the federal tax credit is November 30, 2009.
* Only first-time buyers qualify. This means you must not have owned a home within the past three years.
* The federal tax credit may only be applied to the primary residence.
* You never have to pay the money back as long as you occupy the home for three years or more.
* The minimum tax credit you can receive is 10% of the purchase price of the home and the maximum you can receive is $8,000.
* To qualify for the tax credit, single buyers must not have an income of over $75,000 and couples must not have a combined income of over $150,000.
* It’s never been a better time to buy than right now with the federal tax credit, low interest rates and affordable housing.
For anyone that still has questions about the federal tax credit, contact me today. The deadline is only five weeks away. So, don’t delay any longer or you could soon miss out on this great opportunity.
Realtor® Liz Miller ~ Lake Havasu City, Arizona Real Estate
It is good to know the specifics of this plan, thank you. I wish all home buyers wouldve been included and not just first time owners. Do you have any statistics on how this tax credit influenced the market?
Excellent question! Still to early in the process to tell how many buyer’s actually took advantage of that program. In our city, which is a resort and second home community, the impact was minimal.
Best Regards, Liz Miller ABR~CRS~RRS Keller Williams Arizona Living Realty Just Call Liz 928-208-5184/Cell Toll Free 866-928-5499 928-453-4114/Fax http://www.HavasuAreaHomes.com/