$8,000 Tax Credit for First Time Homebuyers

September 8th, 2009 fryals Posted in Real Estate Services | 5 Comments »

If you are a first time home buyer shopping for a home in Raleigh, North Carolina ask your real estate agent about the $8,000 tax credit that expires in November.

Keep in mind that this is for first time homebuyers (someone who has not owned a home for the past three years).  You may be entitled to a tax credit of up to $8000 which can be used on your 2009 tax return.  The tax credit is a true credit and if not needed then you are sent the money.  The credit is for 10% of the purchase price up to $8000.  There are stipulations to the tax credit  program so please talk with your agent to see if you qualify.

 

·  The tax credit applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.

·  It also only applies to a home that is the 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.There are also some additional restrictions if you are single and make more than $75,000 per year or married filing jointly and make more than $150,000 per year.

As the law is written you must first purchase the home and then file for the tax credit.  This is an FHA program.  If you are a First Time Home Buyer and you qualify for this program, then it may possible to get you in your Raleigh dream home with no money down.

 

Please contact Phyllis Wolborsky and the Wolborsky Group to get more information about this tax credit .


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5 Responses to “$8,000 Tax Credit for First Time Homebuyers”

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  2. Bloomfield offers perfect homes for families in NC Says:
    October 4th, 2009 at 6:58 pm

    [...] you are planning on buying a home in Bloomfield remember that first-time home buyers can also take advantage of an $8,000 tax credit if they purchase a home before December 1, [...]

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    October 12th, 2009 at 8:31 pm

    [...] Mingo Creek was created by the award-winning builder Charter Homes and is conveniently located just off Route 64.  This location insures easy access to most areas of Raleigh, North Carolina. This includes an elementary school that is within walking distance of your new Raleigh home. [...]

  4. The Worker, Home Ownership, and Business Assistance Act of 2009 Says:
    December 13th, 2009 at 8:06 pm

    [...] with their mortgages. By signing The Worker, Home Ownership, and Business Assistance Act he has substantially expanded the amazingly popular home buyer’s refundable tax credit.  The credit is to be extended to April 30, 2010.  This Act will substantially increase the income [...]

  5. $8,000 Home Buyer’s Tax Credit has been Extended Says:
    December 15th, 2009 at 10:17 pm

    [...] The $8,000 home buyer’s tax credit has been extended to homes that enter into  binding contracts before April 30 and closed no later than June 30, 2010. [...]

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