The 2009 Homebuyer Tax Credit
Part of the 2009 Obama economic stimulus package includes a first-time homebuyer refundable tax credit of up to $8000 for qualifying buyers who purchase a home between January 1, 2009 and December 1, 2009.
The tax credit will be equal to 10 percent of the purchase price, up to a maximum of $8,000. For the full $8,000 credit, the home must be worth at least $80,000.
This is a very nice refundable tax credit which you won’t ever have to pay back. You will get this money back on next year’s 2009 tax refund.
So if you’ve been planning to buy your very first home soon, now is the time to buy and take advantage of this homebuyer tax credit.
To qualify the following must be met:
- Married couples and both must be first-time home buyers, should have a combined earnings of $150,000 or less. But for unmarried people who are making a joint purchase, only one party – or the claimant, must be a first-time homebuyer.
- Any individual who makes less than $75,000 will be eligible.
- You can’t have owned or bought a principle residence in the last three years. Rental and vacation properties don’t count.
- Qualifying homes you can buy are NEW construction homes- which include condos, townhomes and mobile homes.
- And it appears, though may not necessarily be the case in all instances and situations that a participant must have a credit score of at least 620 to qualify for a bank loan.
So for any of you planning to purchase your first-time home, now is the time to take advantage of the 2009 Homebuyer Tax Credit.
The money will be refunded to you in next year’s 2009 Tax Refund and will come in very handy. You can use it for anything you wish and never have to worry about ever paying it back.
So what are you waiting for? Go buy your new home today!