What a great time to be a first time home buyer
Did you know that if you have not owned property in the last 3 years that you are considered a first time homebuyer? That means that you may be eligible for the $8000 first time homebuyer credit if you purchase a home before December 1st, 2009.
The program is fairly simple:
• Must be first time homebuyer - That means you haven't owned a home in the past three years, and your spouse hasn't either if you're married.
• Purchase home before December 1st 2009
• File an amended return on your 2008 tax return, or wait to file on your 2009 tax return
• The credit is for 10% of the purchase price, up to $8000
• The credit amount starts phasing out if you make more than $75,000, or $150,000 if you're filing a joint return.
• Enjoy the benefit of an $8000 tax credit
With interest rates at historic lows, homes being aggressively priced, and an $8000 tax credit, now is an outstanding time to be a first time homebuyer! But don't forget, this offer does have an expiration date. To be eligible for this money, you must purchase before December of this year. So call a Mortgage Professional, get pre-approved, and go out there and find your dream home!