FAQ: How Soon Do I Need To Write an Offer if I want the $8000 Tax Credit?

asalmon — Sat, 29 Aug 2009 13:10:18 +0000

Time is running out! The media is pushing hard to let everyone know that the deadline for closing on a home is November 30, 2009 if you plan on using the $8000 tax incentive. But you need to know there is a PROCESS!

CLOSING TAKES TIME

To be sure you allow for enough time for the closing process (think processing your loan & clearing title and abstracting). Right now we are writing offers for FHA approved buyers with a minimum of 45 days for closing. If you closed November 30th, you would need to have your offer ACCEPTED by October 16, 2009. You also need to give your self a few days for negotiating your offer. So, by my count, you would need to write your offer by October 14th. That’s only 41 days from now!

GET OUT THERE!

There is a good supply of first time homes available out there! Get out there, have fun, and enjoy!

Have more questions? There are definitely more answers. Feel free to connect with me via Facebook, Twitter, Text, Email, or by cell. I’m happy to help.

asalmon@firstrealtyhomes.com

Photo credit: josterpl

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FAQ: Details on the Home Buyer Tax Credit

asalmon — Wed, 18 Feb 2009 14:33:34 +0000

8000 Reasons You Should Buy A Home

A tax credit of up to $8,000 is now available for first-time home buyers purchasing a home on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

If you’ve been looking for details about the new $8000 tax credit, here are the details:

Sneak peek of what the Tax Credit looks like:

· The tax credit is for first-time home buyers only.

· The tax credit does not have to be repaid. (A true credit).

· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

· The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

· If you have not filed your taxes yet for 2008 and you close on a home before you do so, you may be able to see that credit sooner than you thought.

· A first time home buyer is defined as someone who has not purchased a home in three years