Aug
10
IRS Tax Credit Helps Buyers Buy!!!
Posted by Andrea Hall under For Buyers, For Sellers, For Realty Professionals, General Information, First Time Buyer
Find the new Home Ownership Bill coming out of Congress confusing? Well don’t! I’ve got the real skinny!
Rule 1 = 1st Time Homebuyer = Anyone Who Hasn’t Owned a Home in 3–yes count them–3 years. It doesn’t mean you’ve never owned a home!
Rule 2 = there are income limits, but they are really, really liberal. Lots of people buying in the San Antonio area will qualify!
Rule 3 = It’s actually an interest free loan, not a gift. It’s designed to ‘get buyers over the years 1 & 2 hump’. The tax credit is repaid on your tax return over a 15 year period at $500 a year. Not a government ‘freebie’ but no bad deal either!
Rule 4 = The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
That’s about all there is to it! So if you are a 1st time homebuyer and closed your home after April 9, 2008, you are eligible to claim the tax credit on your 2008 return. Talk to your tax professional for more details on how to claim on your return.
If you’re thinking of buying and meet the 1st time homebuyer qualifications, call me NOW and let’s get started! Interest rates remain low, there’s plenty of sellers out there wanting to sell! Take the 1st step now! Call me at 210-508-9718 and let’s talk or log onto www.andreahall.com and take a browse!!
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