If you currently don't own your home, and are a FIRST TIME HOME BUYER or you know someone that is thinking of becoming a FIRST TIME HOME BUYER, here is the opportunity.
Today, President Bush signed into effect a TAX CREDIT of 10% of purchase price for FIRST TIME HOMEBUYERS.
Example: Buy a home for $75,000....credit of $7500
Example: Buy a home for $50,000....credit of $5000
With lower interest rates, this tax credit, and a buyers market now is a great time to consider buying a home.
If you have questions please give me a call, I would be happy to help.
If you are not a FIRST TIME HOMEBUYER, please pass on to someone you know. Don't let them miss this great opportunity. They might as well take advantage of it.
See detailed chart below regarding Tax Credit Program.
Erin Runde / Hildebrand Real Estate /641-420-1875
HOUSING AND ECONOMIC RECOVERY ACT OF 2008
|
First time Homebuyer Tax Credit FEATURE |
H.R. 3221 Housing and Economic Recovery Act of 2008 |
|
Amount of Credit |
Ten percent of cost of home, not to exceed $7500 |
|
Eligible Property |
Any single family residence (including condos, co -ops) that will be used as a principal residence. |
|
Refundable |
Yes. Reduces income tax liability for the year of purchase. Claimed on tax return for that tax year. |
|
Income Limit |
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively). |
|
First time Homebuyer Only |
Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase. |
|
Recapture |
Yes. Portion (6.67 % of credit) to be repaid each year for 15 years. If home sold before 15 years, then remainder of credit recaptured on sale. |
|
Impact on District of Columbia Homebuyer Credit |
DC credit not available if purchaser uses this credit. |
|
Effective Date |
Purchases on or after April 9, 2008 |
|
Termination |
July 1, 2009 |
|
Interaction with Alternative Minimum Tax |
Can be used against AMT, so credit will not throw individual into AMT. |
| Erin Runde, Realtor |
| Hildebrand Real Estate |
|
641-420-1875 |
Email: rundedan@yahoo.com |
| www.erinrunde.com |