$8,000 Slipping Away…

The $8,000 firs time homebuyer tax credit won’t last forever.

It’s set to expire by the end of the year.

Made me think of this video:

Now read this overview on why you need to get moving to take advantage of this money.

First Time Home Buyer Tax Credit

There is a great article over at The East Valley Tribune website on how you may be affected by the stimulus plan. There is so much in that bill that it’s worth getting familiar with some of the practical elements. The article has information on the different tax credit provisions (relevant if you’re seeking a new car for example) as well as the refundable first-time homebuyer tax credit. Here is what you need to know if you’re seeking to purchase your first home this year:

Refundable first-time homebuyer credit. First-time buyers can claim a credit worth $8,000 — or 10 percent of the home’s value, whichever is less — on their 2008 or 2009 taxes. The added bonus is that the credit is refundable, which means that filers will see a refund of the full $8,000 even if their total tax bill was less than that amount.

Remember you are officially a first time homebuyer if you have not owned real estate in the last three years. So, it doesn’t necessarily have to be your very first home.

Also, here is a great video explaining the$8,000 first time home buyer credit.

Via “The Phoenix Real Estate Guy” and the amazing Maureen Francis (miOaklandCounty.com).

First-Time Home Buyer Tax Credit Website

The Federal government has been very busy this past year and half or so enacting all kinds of legislation. Many changes have been made to mortgage finance tax law.  So many that it can be hard to keep track of everything, especially if you’re a first time homebuyer.  Don’t despair though. I came across a website dedicated to helping consumers understand Federal Housing Tax Credit. It is geared mostly towards helping first time homeowners understand the tax benefits of their homes. With tax season fast approaching it’s always a good resource to have.

Just to remind you here is a summary of the recent changes to tax credit enacted earlier this year:

  • The maximum credit amount is $7,500.
  • The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
  • The tax credit works like an interest-free loan and must be repaid over a 15-year period.

Be sure to visit the Federal Housing Tax Credit website because they also have a great FAQ section. Where they answer questions to help you understand who is eliglbe for the tax credit, how the refund process works etc. If you’re a first time home buyer and need to learn I would highly recommend this website.

This site is for informational purposes only. It is not sponsored or in any way affiliated with the government. If you are in need of a mortgage loan, consult with a licensed mortgage professional. All fair housing and equal housing opportunity laws apply when applying for a mortgage or buying a home. Copyright 2012.