$8000 TAX CREDIT! WHO GETS IT AND HOW IT WORKS TO HELP YOU SAVE NOW
Posted by Mike Askins on Thursday, March 19th, 2009 at 6:51am.
It's time to buy to lock in a low monthly payment! According to economic forecasters, including a forecast from the National Association of Realtors, waiting can mean paying more for the same home as early as later this year.
Here is what you need to keep in mind:
- This is an $8000 tax credit that does not have to be repaid as long as you remain in your new home for at least 3 years.
- You will receive an $8000 credit against current taxes you may owe. If you owe more than $8000, then the credit will reduce what you pay. If you owe less than $8000 you will receive a check for the difference. For example if you owe just $4000 for 2009 then you would owe nothing and get a check for $4000 from the Government.
- If you are a 1st time home owner or a previous home owner who has NOT owned a home (primary residence) in the last 3 years YOU QUALIFY for the Tax Credit!
- Your new home MUST BE PURCHASED AFTER JAN. 1 2009 AND BEFORE DECEMBER 1 2009 - SO TIME IS RUNNING OUT THIS YEAR!!
- Single Taxpayers with an adjusted gross incomes up to $75,000 qualify and married couples with adjusted incomes up to $150K qualify for the FULL Tax Credit. The TAX Credit is gradually reduced over $75K and STOPS at $95K for individuals and is gradually reduced above $150K and STOPS at $170K for married couples.
- You can apply your credit towards 2008 or 2009 taxes, whichever allow you the largest credit based upon the income for those years.
- Download the IRS First Time Home Buyer Credit Form.
HERE'S THE EVEN BETTER PART - ARG'S CASH REBATE INCREASES THE TAX CREDIT UP TO ANOTHER 3% FOR NEW HOME BUYERS
WITH INTEREST RATES AT 50 YEAR LOWS AND HOME PRICES STILL DOWN (PREDICTED TO CHANGE BY YEARS END) You can now easily get a rate below 5% and lock in a really low house payment for years to come. Folks it just does not get any better than this. Basically you have "lifestyle" on sale or if you are more practical minded your golden opportunity to lock in your month to month living expenses for the next 30 years. Many believe a mountain of inflation is just around the corner and if this is so, you will be locking in a lot of future equity as home prices increase.
Please contact ARG for all your home buying needs. We're here to help you NOT leave money behind that could otherwise be yours! Happy House Hunting!
To fully understand the Economic Stimulus Bill's First Time Home Buyer Provisions, please visit www.federalhousingtaxcredit.com/
214-727-3686 - Cell
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Share5 Responses to "$8000 TAX CREDIT! WHO GETS IT AND HOW IT WORKS TO HELP YOU SAVE NOW"
[...]you think about it, rates in the low 5's to upper 4's, home prices generally lower plus an $8K Government buyer Tax Credit (ONLY IF YOU BUY BEFORE 1 DECEMBER 2009), you have what may very well turn out to be the best buying opportunity in a generation going[...]
Posted on Saturday, April 18th, 2009 at 12:55 PM.
[...]not owned a home during the last 3 years or IF you are a 1st Time Home Buyer you can add another $8,000 in a TAX CREDIT compliments of Uncle Sam. When you add up the SUPER LOW MORTGAGE RATES, the truly Great Locations[...]
Posted on Friday, April 24th, 2009 at 9:38 PM.
I was woundering if this applies. if you not a first time home buyer? but put a new pace? I was just woundering.
Posted on Tuesday, May 12th, 2009 at 9:40 PM.
So when I go to do my taxes and I don't owe anything. Do I get an extra $8000 on top of what I get back from the goverment? Does the 8000 make you have to own since you are put into a higher paying bracket?
Posted on Wednesday, October 21st, 2009 at 7:28 AM.
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[...]New Home Buyers, PLEASE Stay Tuned. A Major DFW New Home Builder is about to unveil their most AGREESIVE buyer incentive program EVER. Please keep in mind the FULL DETAILS are NOT set in STONE. The reason I am blogging this is for BUYERS to get ready NOW. Many times there are only so many millions of dollars available to lend at these ridiculous low rates, so being ready can pay BIG dividends for years to come. If I am correct we may be seeing SUB 4% loans on existing inventory (Conforming Rate for loan amounts $417K or Less)Possible 4.25 Rate Locks for up to 8 MONTHS on Conforming Loans. Want to build? No Problem this lock will keep you from sweating if rates move up. (Seriously 4.25? a TOTAL No Brainer)What about a 2 Year Job Loss Protection Insurance Program paid by the New Home Builder incase you loose a job? Again, keep your eyes peeled. At ARG we're all about helping you KNOW the market so you can SAVE. When you combine ARG's TOTALLY COMMISSION FREE NEW HOME MOVE UP or if you like the DOUGH 3% Buyer Cash Rebates, well it gets hard to beat it!Well OK. Don't forget the $8K Tax Credit.[...]
Posted on Monday, April 6th, 2009 at 5:38 PM.