It still surprises me how many homebuyers still don't truly understand how the $8,000 federal tax credit works. So, I can either give my blog readers 8,000 reasons to buy a home or answer frequently asked questions about how the federal tax credit works. I think I will choose the shorter route and answer frequently asked questions, since the deadline for the tax credit is approaching fast.
Here are answers to some of the most asked questions:
* The deadline for the federal tax credit is November 30, 2009.
* Only first-time buyers qualify. This means you must not have owned a home within the past three years.
* The federal tax credit may only be applied to the primary residence.
* You never have to pay the money back as long as you occupy the home for three years or more.
* The minimum tax credit you can receive is 10% of the purchase price of the home and the maximum you can receive is $8,000.
* To qualify for the tax credit, single buyers must not have an income of over $75,000 and couples must not have a combined income of over $150,000.
* It's never been a better time to buy than right now with the federal tax credit, low interest rates and affordable housing.
For anyone that still has questions about the federal tax credit, contact me today. The deadline is only five weeks away. So, don't delay any longer or you could soon miss out on this great opportunity.
Realtor® Liz Miller ~ Lake Havasu City, Arizona Real Estate
Search Homes for Sale in Lake Havasu City
Well put together. Thanks for taking the time to keep folks informed. I think you did the wise thing going with the second path.
And one of the most important things to mention is that you must close before the deadline. Time is running out.
Liz - Well written reminder that the tax credit is running out and this is a great time to buy.