Tax Credit for First Time Homebuyers

By
Real Estate Broker/Owner 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   

Melbourne Real Estate

M & M Realty of Brevard, Inc. 

Residential, New Construction, Relocations & Investment

Brevard County FL Real Estate 18 Years

Brevard County FL Resident 39 Years 

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

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Show All Comments
Rainmaker
327,863
Dinah Lee Griffey
Windermere Peninsula Properties - Allyn, WA
Managing Broker Windermere Peninsula Properties

What a great time to buy or "Steal" a home. There are some great deals out there right now-Dinah Lee

June 24, 2009 02:51 PM #1
Rainmaker
616,841
Sandy Shores Broker, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County FL Real Estate

Hi Dinah Lee, I agree, there are so many great opportunities to pick up a "steal of a deal" - you said it perfectly!

June 24, 2009 02:54 PM #2
Rainmaker
1,677,745
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO

Hi Sandy

Tax credits, great prices, inventory THIS IS THE TIME TO BUY.

Good luck and success.

Lou Ludwig

June 24, 2009 02:55 PM #3
Rainmaker
616,841
Sandy Shores Broker, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County FL Real Estate

Hi Lou, Oh I wish I were a first time homebuyer in today's market. I would buy in a heartbeat!

June 24, 2009 03:00 PM #4
Rainmaker
969,507
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Melbourne, FL
Personal Service, always.

Good deals are plentiful.  My three wishes - I was a first time home buyer, I had a 10% down payment in cash, I was a first time home buyer! I know I said 1st time buyer twice...!

June 24, 2009 03:22 PM #5
Rainmaker
616,841
Sandy Shores Broker, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County FL Real Estate

Hi Gary, I'm with you!  Being a first time homebuyer in today's market would be great. I would have already purchased my property, without question. What an absolutely great program for them! 

June 24, 2009 03:27 PM #6
Rainmaker
193,765
Tony Orefice
Wilkinson and Associates/www.TonyOreficeRealtor.com - Harrisburg, NC
Realtor/Harrisburg NC,Concord NC

Hi SS,

thanks for posting about this hot topic! You explained it plainly so all can understand.

June 24, 2009 03:45 PM #7
Rainmaker
1,449,487
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Authentic Feng Shui Expert

Sandy, I was captivated by your picture--it is just beautiful.  The tax credit seems to be ending way too fast, I hope they find someway to extend it.

June 24, 2009 05:19 PM #8
Rainer
6,520
Kelly Colbourne
Lennar Homes - Viera, FL

You are right Sandy now is the time to buy! Check out this cute first time home buyers video you can send to your clients http://www.youtube.com/watch?v=C-zjEmPLwcY

June 24, 2009 05:45 PM #9
Rainmaker
291,273
Darrell Walters
W. Darrell Walters - Newnan, GA

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 #10
Rainmaker
616,841
Sandy Shores Broker, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County FL Real Estate

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 #11
Rainmaker
702,684
Ann Hayden
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Wildwood, MO
SelectAnn.com

Sandy,

I love the photo!!

Ann

June 25, 2009 03:22 PM #12
Rainmaker
1,108,976
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

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

June 25, 2009 05:05 PM #13
Rainmaker
454,568
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
Destin FL Real Estate

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 #14
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Rainmaker
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Brevard County FL Real Estate
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