First Time Homebuyer Tax Credit Ends November 30, 2009

It’s true… Time is running out for first-time homebuyers to to take advantage of the $8000 Federal Tax Credit when they purchase a new home.  Lake_Mary_Home_Buyers_Take_Advantage_of_The Tax_CreditBuyers are scrambling to find their dream homes and close by November 30, 2009.  Yes, it’s only August, but with over 60% of the home sales in Seminole County being distressed properties [with closing times between 45 to 90 days] now is the time to get moving and make a decision on a Central Florida home.

Quick First-Time Home Buyer Tax Credit Facts At A Glance:

  • The Tax Credit is for first-time home buyers only, according to the IRS a first-time home buyer is someone who hasn’t owned a principal residence within the last three years prior to the purchase of their “new” home.
  • The Tax Credit DOES NOT have to be repaid.
  • The Tax Credit is equal to 10% of the purchase price of the home up to $8,000.
  • The Tax Credit is valid for home purchases made on or after January 1, 2009 and before December 1, 2009.
  • Single tax payers with incomes up to $75,000 and married couples with income up to $150,000 qualify for the full tax credit.

If you’ve been thinking about purchasing your first home in Lake Mary or any Central Florida city there won’t be a better time.  With home prices at their best value in 10 years and interest rates at historic lows, it is the time to purchase your first home.

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