Tax Credit for First Time Homebuyers

By
Real Estate Broker with M & M Realty of Brevard Inc. BK629999

Tax Credit for First Time Homebuyers

There are so many great reasons to buy a house today.  Interest rates are low, inventory is plentiful and prices are at early 2000 prices.  There are some great deals available today.

The American Recovery and Reinvestment Act offers an $8000 tax credit for first time homebuyers that purchase between January 1, 2009 and December 1, 2009.  There are some stipulations on how the credit would apply to each homebuyer.

Buyers can claim the credit on their federal income taxes.

Individuals are eligible for the credit with an adjusted gross income of up to $75,000. It increases to $150,000 if filing jointly.

If the buyer(s) stays in the house for longer than 3 years they don't have to repay the money.

I am attaching a link provided by the Florida Association that outlines the benefits and more details of the tax credit.

I am also attaching a link that outlines how the tax credit can be used towards the purchase of your home, using an FHA loan.  It cannot be used for your 3.5% down payment, however it may allow a buyer to put down a larger down payment.

With incentives such as the First Time Homebuyer Tax Credit, there's no reason to wait to buy a home. 

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

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Sandy Shores, Broker   

M & M Realty of Brevard, Inc. 

Residential, New Construction, Relocations & Investment

Brevard County FL Real Estate 17 Years

Brevard County FL Resident 38 Years 

Melbourne FL Real Estate / Brevard County FL Real Estate

Serving Melbourne, Palm Bay, Suntree, Viera, Rockledge, Cocoa, Canaveral Groves, Merritt Island, Mims, Cape Canaveral, Cocoa Beach, Satellite Beach, Indian Harbour Beach, Indialantic & Melbourne Beach

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I buy, sell, rent, own and manage Investment Property.

321-253-4545 or 321-254-2964

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first time homebuyers tax credit
florida association of realtors
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Rainmaker
291,273
Darrell Walters
W. Darrell Walters

Good reminder that now is the time to buy. One thing that seems to get passed by is the fact that to qualify as a first time home buyer, you haven't had a primary residence home mortgage in the past three years. Many people that have been home owners at one time or another may qualify. I am working with a client that will meet that requirement in October.

June 25, 2009 07:18 AM
Rainmaker
599,425
Sandy Shores Broker, Melbourne FL
Brevard County FL Real Estate
M & M Realty of Brevard Inc.

HI TO, This is indeed a hot topic.  Great news for first time homebuyers.

Carole, Thanks, I am so glad that you enjoyed the picture. I took it at Sebastian Inlet State Park.  I also hope that the tax credit will be extended.  We may see it change from an $8000 first time homebuyer credit to a $15000 all buyers credit.  We will have to wait and see.

Kelly, It is a great time to buy. Thanks for the video.

Darrell, Great reminder that the tax credit is of buyers that haven't owned a home in 3 years.

 

June 25, 2009 12:40 PM
Rainmaker
690,688
Ann Hayden
SelectAnn.com
Prudential Select Properties-St. Louis Missouri

Sandy,

I love the photo!!

Ann

June 25, 2009 03:22 PM
Rainmaker
1,067,256
Myrl Jeffcoat
Greater Sacramento Real Estate Agent
GreatWest Realty

Sandy - Wonderful advice accompanied by an even more wonderful picture.  Look at that pefect sunset.

June 25, 2009 05:05 PM
Rainmaker
449,271
Wendy Rulnick
Destin FL Real Estate
Rulnick Realty, Inc.

Sandy - I heard there are proposals floating around to extend the credit, increase the credit, increase the income limits and/or open it up to investors.  Wouldn't that be great?

June 26, 2009 05:52 PM
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Rainmaker
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Sandy Shores Broker, Melbourne FL

Brevard County FL Real Estate
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Melbourne FL Real Estate and Brevard County FL Real Estate - Residential, New Construction, Relocations and Investment. _________________ Sandy Shores on Zillow Sandy Shores…