“So what’s the deal with this first time home buyer credit? It is some kind of government loan?”~ one of my clients recently asked.
* This triggered a great need for educating my friends and clients.
The first time home buyer credit is a part of the Housing and Economic Recovery Act of 2008 and the American & Reinvestment Act of 2009. There have been tax credits offered in Washington D.C. for many years but this time it’s a little different. Now a credit is available nationwide and a can be a great advantage to eligible buyers.
* How does it all work?
Well if you have not owned your principle residence for the last 3 years and you have not used this first time home buyer credit before, you might be eligible!
* How much money do you get? $$$
Depending on the purchase price of your home you get a credit of 10% of the purchase price up to $8,000. Certain figures also depend on your gross income. Figures can change if you are married.
* Do you have to pay it back?
In the past you would have to pay these kinds of credits back but as long as you own your new awesome house for at least 3 years, you don’t have to pay back anything!
* Take advantage while you can, this tax credit is only until December 1st, 2009.
At Blue Ribbon our Real Estate team will work hard for your best interests. We are happy to help.
I am not a tax accountant but if you have specific question about your unique situation I can easily refer you to a tax professional.
Also here is a helpful website that will answer commonly asked questions about the 2009 tax credit.
~ Happy to provide any information I can and remain being a helpful, local real estate professional. Thanks for reading!
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Shaheen Hangval
Broker Associate/EcoBroker with Blue Ribbon Properties
Shaheen Hangval
Broker Associate/EcoBroker with Blue Ribbon Properties
835 Main Ave. Suite # 214
Office: 970-247-8388 Fax: 970-247-8360
Shaheen’s Cell: 970-769-2441
I hope this information will help Realtor as well as buyers and sellers in any area throughout the USA.
Thanks for a good post
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