At the rate we’re going November 30th will be here before we know it! That date is the deadline for first time home buyers to take advantage of the $8000 tax credit currently offered by our government. This credit is refundable, which means if your total tax liability for 2009 is less than $8000 (which is typical) the IRS will issue a refund for the balance. What an amazing opportunity! In order to be eligible for the credit you must be a first time home buyer or someone who has not owned a home within the last 3 years, a single filer making less than $75,000/year or joint filers making less than $150,000/year and use the home as your primary residence. Your new home must be purchased and settled by November 30, 2009 and you have to own the home for a minimum of 3 years. Check out this link to watch a short video that clearly describes how the program works http://tr.im/taxvideo.
In addition to the tax credit there are many reasons why our current market significantly benefits first time home buyers:
If that isn’t enough to get you excited about purchasing a home how about these 7 additional reasons to buy a home, and these apply in any market:
This is a fabulous time to take this big step in your life, if you feel that you may be ready I would love to help!