Murfreesboro, TN $8,000 Tax Credit Deadline

Murfreesboro, TN $8,000 Tax Credit Deadline

The $8,000 tax credit deadline for first time home buyers is fast approaching. The actual deadline is December 1, 2009 so potential buyers need to be getting their pre-approval for a mortgage NOW!!! Here is an excerpt of the government website ( http://www.irs.gov/newsroom/article/0,,id=204671,00.html )regarding the tax credit:

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:

• Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
• Applies only to homes used as a taxpayer's principal residence.
• Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

Here in Tennessee home buyers can use this money as a down payment if they use the THDA program. THDA is a non-profit organization to help first time home buyers live the american dream. I have also attached an excerpt from the THDA website ( http://www.thda.org/singlefamily/stimulus/stimulus.html )explaining this stimulous plan:

THDA is implementing a new second mortgage program, THDA Stimulus Loan Program, for downpayment and closing cost assistance. This program will complement THDA's existing Homeownership Choices incorporating the tax credit. In order to be eligible for the second mortgage program, THDA MUST be providing funding for the first mortgage through the Great Rate or Great Advantage programs for the borrower(s) to purchase the home. Both the first and second mortgage must close on or before November 30, 2009. The November 30, 2009, date also applies to new construction. The new home must be complete and the loan closed on or before November 30, 2009.

Please give me a call with any questions you may have!

Amy Wood

Mortgage Loan Officer

Office: 615.907.2611

Cell: 615.796.9589

Email: amy.wood@guarantytrust.com

Murfreesboro, TN $8,000 Tax Credit Deadline