Aug 10
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.
Buyers 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.
