Believe it or not, many Americans still do not know about or fully understand the Congress-approved legislation that funds a tax credit of $8,000 to new home buyers! This is an effort to fulfill the plan to promote the U.S. housing market and attend to the financial challenges facing the country. Here are some faq's to clear some things up...
Who is eligible for the tax credit?
First time homebuyers are people who have not owned a home in 3 years. If you have not owned a home in 3 years and you purchase and close on a home by November 30, 2009, you are eligble for an $8,000 check from the government!
Are there only certain properties that apply?
The properties that meet the criteria include single-family homes, condos, townhomes, and co-ops that are going to be used as the owner's primary residence-no investment properties allowed.
How much money do I really get?
Buyers will receive up to $8,000. The credit is 10% of the price of the home, up to $8,000. The income of the buyer must be below $75,000 for single buyers and below $150,000 for married buyers.
Do I have to pay back the Tax Credit?
The buyer does not have to pay back the tax credit as long as they live in the home for three years or more. If the home is sold again before three years, the credit will be recovered from the sale of the home.
Don't miss a great opportunity in home buying history! If you're interested in learning more about the tax credit or about purchasing a home in the Indianapolis area, contact me today!
Source: http://www.realtor.org
Lisa Parrett, Realtor
Keller Williams Realty
http://www.parrettlikethebird.com
317-863-4325
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