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Patricia Otten

Patricia Otten, Broker
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First Time Home Buyer Tax Credit - Do You Qualify?

September 11th, 2009


Probably!  And it’s not too much of a hassle to take advantage of it; however, the deadline is fast approaching and there is little evidence that the government will extend this program.

·         The credit is available to home buyers who have not owned a house in the past three years.

·         It is subject to income limits.  Single buyers need a modified adjusted gross income of $75,000 (reasonably generous) and for married couples, $150,000. 

·         If you qualify so far, the next reality is the amount you will receive which is 10% of the purchase price of the home and the allotment is capped at $8,000.  

·         The credit expiration deadline on November 26 (Thanksgiving). 

 

If you want to benefit from this, you must have your contract at a title company by the end of September, 2009 in order to meet the expiration deadline.

There is talk that Congress may extend the deadline into 2010 and may in fact expand it to include all home buyers; however, Congress giveth and taketh away so darn fast, I wouldn’t take that hunch to the bank.

For more information:  http://www.federalhousingtaxcredit.com/2009/faq.php


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Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

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Patricia Otten, Broker
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