Calling All Buyers – Things You Should Know about the $8,000 Tax Credit

Our federal government has been working diligently since President Obama took office to try and stimulate our economy. One of the largest contributions his administration has made to help stabilize the housing market is to offer a $8,000 tax credit to buyers, but many buyers are still on the fence about purchasing a home and are not taking advantage of this incredible opportunity. Time is running out. The tax credit is only good through the end of November 2009, so why are more buyers not acting?

Several requirements must be satisfied to be able to claim the $8,000 tax credit on your 2008 or 2009 tax return. Below is a breakdown of the requirements:

1. The tax credit is not for just "first time" buyers. If you have not owned a home in the past 3 years, you are also eligible.
2. The home purchase must be made between January 1, 2009 to November 30, 2009. Only 8 months left!
3. The purchaser must live in the home for 3 years; otherwise, they will be responsible for paying the credit back.
4. You must make less than $75,000 as a single or $150,000 as a couple to receive the full credit. Higher income purchasers can receive a partial credit.

The actual credit amount will be either $8,000 or 10% of the home's value, whichever is less. This means that if you were expecting to get a refund of $1,000 on your taxes, but you purchased a home in 2009, you would receive a refund from the federal government of $9,000!! So, what are you waiting for?

For a list of affordable homes with pictures within your specific price range and area, call 1-800-951-5093 ID #1040 for a free recorded message or click on the link below to search for homes that meet your needs.

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