Below is a great form that can be found on the NAR website that explains the qualification for the buyer rebate!
FIRST-TIME HOME BUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Modifications Italicized
February 2009
FEATURE CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008 REVISED CREDIT - EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009 Amount of Credit Lesser of 10 percent of cost of home or $7500 Maximum credit amount increased to $8000 Eligible Property Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence. No change All principal residences eligible. Refundable Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser. No change Purchasers will continue to receive refund for unused amount when tax return is filed. Income Limit Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000). No change Same income limits continue to apply. First-time Homebuyer Only Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase. No change Still available for first-time purchasers only. Three-year rule continues to apply. Revenue Bond Financing No credit allowed if home financed with state/local bond funding. Purchasers who utilize revenue bond financing can use credit. Repayment Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing. No repayment for purchases on or after January 1, 2009 and before December 1, 2009 Recapture If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale. If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009. Termination July 1, 2009 (But note program changes for 2009) December 1, 2009 Effective Date Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year. All revisions are effective as of January 1, 2009
Tis the season to give back and what a better way then to take an hour or two out of your day to ring the bell for the Salvation Army? If interested you can help man he red kettle and ring the bell on any date between November 14, 2008 to December 24, 2008. There are various locations and time slots to be filled. This is The Salvation Army's major fund raising program to help those in need at Christmas.
I personally volunteer and find it rewarding as well as fun! My office which is Re/Max 1st Olympic also takes a day to man the kettle by having Realtors in our office rotate shifts. Nothing makes my day more then to see a child so excited to walk up to place money in the kettle! If interested or can get your office or church to take a day please contact your local Salvation Army or if you live in the Lynchburg area you can contact me and I will help point you in right direction!
I just had to share with you the extraordinary day I had at a family farm located in beautiful Bedford County Virginia called the Layman Family Farm. This farm is so worth a trip to if you live close by or are in for a visit. It has astonishing Blue Ridge Mountain Views and oh my with the fall foliage in October it is truly remarkable!
The Layman Farm offers something for the entire family including the coolest maze in the country! This maze is designed by them using a GPS system and the 2008 design is of Coach Frank Beamer, head coach of Virginia Tech. It is not a corn maze that is easy to get out of although they do give you numbered hints throughout the maze to help you find your way out!
Other activities include a hay ride where you can stop at the Layman pumpkin patch and pick out any size pumpkin you can imagine, there is the cow train ride, the corn hen which is where the floor is covered in corn instead of sand, a smaller pumpkin maze, pumpkin blast as well as a few other fun activities.
Either way you are sure to enjoy your trip to the Layman Family Farm and I am so proud that it is located only about 20 minutes from my house. Bedford County is truly one of the most amazing places to live!
While most people are looking at our market as a bad economy others who have stable jobs, good credit and money down should be looking at our market as a time to Live The American Dream and become a home owner. Interest rates are low so now is an awesome time especially for first time buyers or Sellers who are looking to stay local. In my area which is Lynchburg Va we have been extremely lucky to always have been a stable economy. Many investors are saying now is the time to buy while others are selling.
I specialize in helping First time buyers, sellers, foreclosure properties, REO's & investors! Serving Lynchburg Virginia and Bedford County Virgina including Smith Mountain Lake area
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