Hurry! An $8,000 Reason to Buy Your Home Now!
Thinking about buying a home? Act today and the government will give you FREE money in the form of a tax credit. No, you’re not dreaming! You have until November 30, 2009 to find a home, secure financing and close the transaction to receive your $8,000 tax credit assistance.
Q: Who Qualifies?
A: Home buyers who purchase homes between January 1, 2009 and November 30, 2009 qualify for this program. To qualify, you may be a first-time home buyer or may not have owned a residence during the past three years prior to the purchase.
Q: Which Properties Are Eligible?
A: The 2009 Home Buyer Credit may be applied to primary residences, including: single-family homes, condos, and townhouses.
Q: How Much Will the Credit Be?
A: The maximum allowable credit for homebuyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home – the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer’s income – single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 may receive the maximum tax credit.
Q: If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
A: Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly.
Q: Will the Tax Credit Need to Be Repaid?
A: No. The buyer does not need to repay the tax credit, if he/she occupies the home for three or more years.
Information Provided From Florida Association of Realtors
