By now you probably know that the American Recovery and Reinvestment Act of 2009 includes a tax credit up to $8,000 for first time home buyers. You also know that with any government program, you will need to do some research to make sure that you qualify. Below I have listed some highlights to assist you but this is by no means a complete list of all the details. Consult with your tax professional so you can get all the facts.
- This program is for First Time home buyers or those that have not owned a home principal residence in the 3 years prior to the purchase.
- This is not a loan and will not have to be repaid assuming you do not sell the home for 3 years after the purchase.
- Income limits are based on modified adjusted gross income and is $75,000 for single tax filer and $150,000 for married filing joint returns. The credit completely phases out at $95,000 and $170,000.
- The tax credit is $8000 but not more than 10% of the home's purchase price.
- The home must be purchased between January 1, 2009 and November 30, 2009.
This tax credit presents a great opportunity for those that qualify. Do your homework now and make sure you act so you can close on your new home by November 30, 2009. Our Greenville inventory of homes for sale is excellent and I look forward to working with you to find your new home.