"Living in the Real World" ~ Lola's Log

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What Would YOU Do With An Extra $7500 This Year?

If you are a First-Time Homebuyer looking to buy your first home, this is the time to do it, and the government will even give you a tax credit of $7500 in 2009 if you do buy before July 1, 2009! 

Is it FREE? 

Not entirely, it will be repaid in $500 increments beginning in 2010, for the next fifteen years.  This is like an interest-free 15 year loan.

Am I eligible?

If you have never owned a home, or have not owned a home for three years prior to the purchase, you are eligible.  There are phase-outs for higher income, and the full credit is based on a maximum of 10% of the purchase price, so anyone purchasing a home of over $75,000 is eligible for the full credit, as long as your individual income is not more than $75,000 per year. 

Who can't take the credit?

Anyone with an income over $95,000 per year ($170,000 for joint-filing couples), will not receive a credit.

If you no longer use the home as your primary residence, you will no longer be eligible for the credit.

You cannot purchase the home from a family member, nor can you sell the home in the first year.

What's the Catch?

If you are shopping for a home RIGHT NOW, you are not a non-resident alien, are not eligible for District of Columbia first-time homebuyer tax credit, and you have not owned a home in the past three years, YOU ARE ELIGIBLE!

Check the IRS website for more details, and LET'S GO SHOPPING!

 


Contact Me

To GET TICKETS for the next FORECLOSURE BUS TOUR, FILL OUT THE:

EASY ONLINE FORM

Be sure to tell us how many tickets you'll need, the cost for the entire day will be only $25 per person. Thanks for your interest, and best wishes in your home search.

For more Tips and strategies if you are facing foreclosure-check my website

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3, 4 or 5 Bedroom
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Contact Me

 FILL OUT THE:

EASY ONLINE FORM

Thanks for your interest, and best wishes in your home search.

For more Tips and strategies if you are facing foreclosure-check my website

 

Facing Foreclosure?
GET GOOD ADVICE
FREE INFORMATION


Pinellas County Short Sales

> Search Pinellas Homes FREE

How To Buy
3, 4 or 5 Bedroom
BANK OWNED HOMES

Click Below
Pinellas Bank Owned Homes

 

 

 

 

Join Active Rain

 

 

 

Regards,
Loretta J. Buckner
Your "Real" Estate Consultant for Life
www.RealWorldPropertiesInc.com
727-656-6206

Comment balloon 2 commentsLoretta Buckner • September 25 2008 08:10PM
What Would YOU Do With An Extra $7500 This Year?
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