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2009 First Time Buyer's $8,000 Tax Credit. Now is the time to BUY in Lynchburg, VA

Why is now the time to buy? Here are the details for first time buyers who buy this year, 2009. Why is now the time to buy?

  • There are signs of a recovery happening
  • This a tax credit, NOT, a deduction. You will receive a direct reduction in taxes owed of 10% of the purchase price.

  •  Prices are at their lowest levels but are NOT anticipated to stay that way

    Call me before you miss the boat and start kicking yourself. Now is the time to buy at the low!



This chart that breaks down the differences between the Original Tax Credit as enacted in the Housing and Economic Recovery Act of 2008 and the Revised Tax Credit as enacted in the American Recovery and Reinvestment Act of 2009.  Courtesy of Shawn Huss and Amy Karhoff at National City Bank:

FEATURE Original Tax Credit (2008)
 Revised Tax Credit (2009)
Amount 10% of purchase price, up to a maximum of $7,500 10% of purchase price, up to a maximum of $8,000
Dates of Eligibility

Purchases occurring 4/1/08 - 12/31/08* *previously through 7/1/09

 Purchases occurring 1/1/09 - 12/31/09
First-Time Homebuyer Requirement Buyers may NOT have owned a principal residence in the 3 years preceding the purchase
 Buyers may NOT have owned a principal residence in the 3 years preceding the purchase
Income Limits
 Full Credit available to individuals with an adjusted gross income (AGI) of no more than $75,000 ($150,000 on a joint return). Credit phases out for AGIs up to $20,000 above those caps Full credit available to individuals with an AGI of no more than $75,000 ($150,000 on a joint return). Credit phases out for AGIs up to $20,000 above those caps
Eligible Property Types
 Any single family residence that will be used as a primary residence. Includes condos, co-ops, and townhomes.
 Any single family residence that will be used as a primary residence. Includes condos, co-ops, and townhomes.
Repayment 6.67% of the credit ($500 for the full $7,500) to be paid annually over 15 years, beginning 2 years after filing.
 None
Recapture If the home is sold before the 15 year repayment period ends, the outstanding balance of repayment is recaptured on sale.
 If the home is sold within 3 years of purchase, the entire credit is recaptured on sale
Bond Financing
 Tax Credit is NOT allowed if the purchase is financed with state or local bond funding. Tax credit is allowed in conjunction with state or local bond financing.
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Norma Brandsberg, GRI
Marks Realty Co., Inc
4119 Boonsboro Rd., Ste. 205
Lynchburg, VA 24503

home office(540) 586-9496
cell phone (434) 426-0837
 toll free (800) 551-0975

norma@normasells.com


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Posted Sunday Mar 29