Never a Better Time for First Time Homebuyers

If you or anyone you know has considered buying a first home, this is great news. The recent stimulus package signed into law by President Obama has provided $8,000 cash to first time homebuyers. Combining this cash incentive with interest rates in the mid 4% - low 5% range with sellers cutting their prices every day, and there has never been a better time to buy. There's no telling when this "perfect storm" for home buying will end, so contact me today to see how you could benefit. Some details on the tax credit are:

1. Eligible to any “First Time Homebuyer” which is defined as anyone who has never purchased a home OR owned a home in the past 36 months. Example: You owned a home and sold it Jan 30, 2006. You would now be eligible for the credit.

2. The $8,000 is NOT a loan and does NOT have to be repaid. The only condition is you have to own the home you buy for 3 years or more.

3. The $8,000 comes to you in the form of a tax return. If you plan to get a $2,000 tax return this year, it will be increased to $10,000. If you plan to owe $3,000 in taxes, that amount will be erased and you will get a $5,000 tax return check.

4. If you have already filed your 2008 tax returns, you can re-file and claim the credit or you can claim it on your 2009 returns. You have until April 15 to claim the credit this year, or request an extension from the IRS and you have until October to claim it.

There are income limits to the program and the purchase has to close between Jan 1, 2009 and Nov. 30, 2009.

As always, please consult your tax advisor for complete details.