Hampton Roads $8,000 Tax Credit
Time is running out for Hampton Roads first time home buyers…
The Government program for the $8000 tax credit will expire on November 30, 2009.
FIRST TIME HOME BUYERS TAX CREDIT INFORMATION
1. Amount of Credit - 10% of purchase price, not to exceed $8,000
2. Eligible Property - Single family residence (principal residence)
3. Not Refundable- Reduces or eliminates income tax liability, will receive refund for unused amount
4. Income Limit - Single taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
5. First Time Home Buyer - Purchaser and Purchaser’s Spouse may not have owned a principal residence in three years previous to purchase
6. Revenue Bond Financing - Purchasers who utilize revenue bond financing can use credit
7. Repayment - no repayment for purchases on or after January 1st, 2009 and before December 1st, 2009
8. Recapture - If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009
9. Termination - Program expires on December 1st, 2009
10. Effective date - Effective as of January 1st, 2009
Finding a house takes time but also don’t forget that these items require time (usually about 45-60 days)to process a transaction:
1. Finding a Realtor whom you trust and who will best represent you…call me now.
2. Writing an offer
3. Offer acceptance and negotiations
4. Finding a Lender
5. Loan application
6. Survey
7. Inspections
8. Repairs
9. Appraisals
10. And other issues which often come from lenders, title companies etc…
Time is running out. Call Jan at 757-329-4714 or visit my website at
www.janmcpheter.com