160 Days Remaining to Reap $8K Tax Credit
July 31st, 2009 categories: For Buyers
Buyers-mark your calendars-now!
The first time homebuyer tax credit ends November 30, 2009. That means in order for buyers to qualify for up to $8,000 tax credit, the property much be purchased and closed on or before the end of November.
Keep in mind that most real estate transactions today require 30-45-60 days to close- so don’t delay getting the process started. And remember if you are focused on purchasing a foreclosed or short sale property- the timeframes are much longer.
- The first time homebuyer program is limited to 10% (maximum of $8,000.) on the purchase of your primary residence.
- Income limits apply- individuals up to $75,000 and couples $150,000.
- Eligibility- first time homebuyers or anybody whose has not owned a principal residence in the last 3 years.
For more detailed information- click here.
A lot of buyers in metro Cincinnati, West Chester and Mason real estate market have already taken advantage of the tax credit. Personally, I am hoping lawmakers decide to extend the program.
Still have questions- call or email with questions.
Related articles: Are You Ready to Buy a Short Sale?; National Association of Realtors Links
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