The Basics: 2009 First-Time Home Buyer Tax Credit
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
© Copyright NATIONAL ASSOCIATION of REALTORS® | Headquarters: 430 North Michigan Avenue, Chicago, IL 60611
To buy or not to buy?
Is very common these days, I have some customers asking me the same question, Leo, should we buy now or should we wait? My answer, it depends, here's my thought.
If you are planning to stay in your house for at least 5 years and make it a home, go ahead, you will be in good shape, there's a lot of inventory sometimes even below assessed value, the sellers most of the time are willing to pay for your closing costs and/or discount the property to make it easy for you to make the purchase.
If you are an investor and wants to flip, be very careful, the market is not turning back tomorrow, there's some very good buys out there, if you are planning to rent it out for at least 2-3 years and then sell it is fine but most important is getting a good price at the time of purchasing, buy very low, rent and have a cash flow, prepare to sell in the future.
There's 3 different scenarios, let's review them one by one.
Owner Occupied Property
This is a house where the owners are still occupying the property and want/need to sell it now. Most likely if they bought from 2000-2007 and they don't put a large amount of cash at the time they purchased the home, they are upside down. Prices today at at the same level they were back in 2000. Could or could not be a Foreclosure Property. They are harder to deal that when you have a Bank Owned Property. Tampa Bay Homes for Sale Listings
Short Sale Property
A Short Sale Property is when the Bank that is financing the property has accepted to sale at a lower value, it usually takes a long time to get that approval from the bank, it's better to deal with the ones that are already approved, the ones that are not could take a lot of weeks, sometimes months in get only an answer from the bank let alone an approval. It's usually a Foreclosure that is in the middle of the process, beware of those, the lender has not acquired title to the property and can be very dangerous at the point that the owner can file for Bankruptcy and it will stop the whole process. Hard to deal, very risky and time consuming. Tampa Bay Foreclosures Listings
Bank Owned Property
A Bank Owned Property also known as REO (Real Estate Owned) is a property that the Bank has acquired through Foreclosure, the fees are paid, the owners/tenants are out and all the legal papers are signed, the bank really owns the property which makes the decision process for them a lot faster, they REALLY want to sell that house, they have to many in their books. Great Deals, not a lot of waiting and the prices are negotiable with big discounts, to my opinion, the best option. Tampa Bay Bank Owned Listings
Find out what's your situation, whether your are a First Time Buyer or an experienced Investor you should know what's the best option for you and don't be surprised if you find a home that's priced "LOW" and is not a Foreclosure, the current market conditions has been forcing the sellers to adapt and adopt to the prices in their communities. For more information about the Real Estate Market in Tampa Bay, please call me or send me an email, I DO RESPOND!!!!
Leo Gonzalez
Quantum Realty Solutions
(813)505-8054
Email:leogonzalezrealtor@gmail.com
http://www.leogonzalezrealtor.com
Looking to buy in the Tampa Bay area? The Tampa Bay area is growing by leaps and bounds! With so many Tampa Bay real estate options to choose from, you need an agent to help you make the best real estate decisions. You've definitely come to the right place. I'm the local expert and I'm ready to put my experience to work for you. If you haven't chosen a Tampa Bay REALTOR® yet, make sure your candidates can answer these tough questions:
You've come to the right place to find your dream home in Tampa, or in the popular surrounding areas of Hillsborough County. Whether you're looking for an estate, an executive home, a luxury condo, a retirement villa, a historic home, a downtown loft, a beach-front property, or anything else in the greater Tampa Bay area - I can help you!
| |
Tampa Area Attractions:
Tampa Resources:
|
Leo Gonzalez-Quantum Realty Solutions
(813)505-8054
Welcome to Tampa Bay Real Estate
Thank you for choosing my web page for your Real Estate search in Tampa Bay
You need a local expert working for you
With my expert knowledge of the Tampa Bay real estate market, I know how to help you with your unique needs and protect your best interests through every aspect of a real estate transaction. I am focused on providing you with the most personal attention and best service available.
You need the advice of a Real Estate Professional
The Internet is a great place to find information. But it can't provide the in depth local knowledge and personalized service of a local real estate professional. The challenges of the real estate industry are getting more complex every day. You need a professional that is on top of the market and is prepared to protect your interests and guide you throughout the process. As a Tampa Bay real estate expert I am constantly researching the market and analyzing home prices so I can serve you with the latest and most accurate information.
For most families, buying or selling a home is one of the biggest decisions you'll ever make. I'd be honored for the chance to help you.
We provide FREE Buyer's Agent services to thousands of Tampa Bay home buyers throughout Pinellas, Pasco and Hillsborough County, Florida. Our Buyer's Agents are licensed Florida Realtors who have access to extensive information on Tampa Bay homes and real estate in the market both new and pre owned. Their knowledge of Pinellas, Pasco and Hillsborough County combined with their many years of experience in the marketplace, makes finding a new Tampa Bay home easy and can likely save you thousands of dollars.
The Tampa Bay real estate shopper knows that our area has a wonderful climate, low cost of living, and a wide variety of activities and events that create a great environment. With its bright sunshine, cool breezes, and blue skies even the weather promises to delight. Consequently there is an abundance of outdoor recreation,from parks to beaches Tampa Bay has become a preferred destination for thousands of families.
Tampa Bay Real Estate is a great tool for your Home Search in Tampa Bay,below you can find links to the different areas of Tampa Bay,just click on it and start your search, enjoy it.
Once again,thanks and talk to you soon,
Leo Gonzalez
Realtor(R)
Homes, Land and Condos for Sale in Tampa Bay and Central Florida (from Clearwater to Daytona Beach).
For current listings including Bank Owned Properties, Foreclosures and Pre-Foreclosures click HERE
No registration needed!
 |
|
|
Buying / Sellling Real Estate in Brandon and Tampa is our passion, we make dreams come true. Helping people for more than a decade to create wealth buying or selling Real Estate is our mission.Call us
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
