If you are a first time homebuyer then the answer could be YES. Thanks to the latest round of initiatives by the government some first time homebuyers have a nice tax credit headed their way.
First let’s not forget that there are some qualifications. The biggest one is that you must qualify for a loan. If you haven’t already talked to a mortgage professional let me know and I’ll give you the names of great local lenders to call. Next let’s review some of the details of new tax credit.
1. Tax credit is good for home purchases between January 1 & December 31, 2009
2. Income limits are $75,000 for single filers and $150,000 for married filers.
3. Credit is equal to 10% of the value of the home up to $8,000
4. If you file separate returns you can qualify for $4000 each
5. Available on your primary home, not an investment property
6. You can use the credit to reduce your income tax liability or qualify for a tax refund. Always consult a tax professional to determine what is best for your tax situation.
7. First Time Home Buyer is defined as buyer’s who have not owned a principal residence for the past three years.
8. If you own the home you purchase and it remains your principle residence for 3 years you will not have to repay the tax credit.
With home prices in our area lower than they have been in years, with low interest rates and many sellers willing to provide closing cost assistance this new tax credit can provide you an additional boost to the benefits you already receive from being a home owner.
If you are ready to explore the option of buying your first home then give the Cindy Jones team a call at 703-346-2213. No hassle, no pressure just a chance to talk about your options in today’s market and whether the new tax credit might be the last piece of the puzzle to get you into a new home.