Atlanta First Time Homebuyer Credit

The home buyer credit that buyers need to be aware of today is a home buyer tax credit of the greatest proportions in U.S. history and the home buyer credit isn't just coming from the United States Federal government. It is additionally coming from many states in the U.S. For instance, Georgia now has an $1,800 credit for home buyers. Although this credit is known, as a first time home buyer credit, the restriction of first time is a little loose as well because first time simply means that you have not owned a home in the last three years. However, in both of these plans, buyers must act quickly and close by November 30, 2009.

The American Recovery and Reinvestment Act of 2009, which is $8,000 combined with the Georgia $1,800 home buyer credit is now combined easily with Duffy Realty's home buyer credit, which is another credit up to 1.5% of the sales price.

Here is a quick run-down of the homebuyer credit for each of these plans:

U.S. Home Buyer Credit

• The homebuyer credit is for first-time homebuyers only. For the tax credit program, the IRS defines a first-time homebuyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 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.

Georgia Home Buyer Credit -NEEDS TO HAVE BULLETS!

• All purchasers of an eligible single family residence in Georgia that file a Georgia income tax return can claim the credit. You do not have to be a first time homebuyer.
  The tax credit is limited to the purchase of one single family residence including condos. However, the residence must have been: occupied at the time of sale, or previously occupied residences, if such residences:
  - Were for sale prior to the effective date (5/11/09) and were still for sale after the effective date;
  * Owner-occupied residences with respect to which the owner's acquisition debt is in default on or before March 1, 2009; and
  * Residences with respect to which a foreclosure event has taken place and which are owned by the mortgagor or the mortgagor's agent.
  Buyers must close between June 1, 2009 and November 30, 2009.
  The tax credit will be for 1.2% of the purchase price, with a maximum credit of $1,800 (whichever is less). Homes purchased for $150,000 or more will receive a maximum of $1,800.

There are no income limits applicable to this credit.

Duffy Realty Home Buyer Credit

• Applies to all homes purchased by Duffy Realty clients.
• There is no timeframe in which a buyer must close.
• Buyers earn up to 1.5% of the purchase price based on the amount of time buyers spend looking at houses.
• Credit is paid at closing by reducing closing costs or a check will be written to buyer 5 days after closing.

All of these plans have paid buyers millions of dollars in incentives. Don't miss this opportunity because you did know or understand this process. If the government and Duffy Realty want to give you an incentive to purchase, why wouldn't you do it?

Here are a few of the reasons to buy a home before the homebuyer credits expire.

1. Interest rates are at an all-time low.
2. House prices are suppressed.
3. You receive huge homebuyer credits that can equal a large portion of your purchase price.
4. Home ownership brings more pride to an individual than any other purchase.
5. You will build stable roots for yourself and your family.

If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.