First time buyer’s that are sitting on the fence with their mug on one side and their wump on the other who are “thinking about buying” in this market are running out of time! At least running out of time to take advantage of the $8,000 first time home buyer’s tax credit! You still have until April 30, 2010 to put a contract on a home and to June 30, 2010 to close on that home.
The first time home buyer is defined as someone who has never owned a home or has not had any ownership in a home for three years prior to the new purchase. Income limitations are $125,000 for single people and $225,000 for married people. The limitation on the sale price of the purchased home is $800,000.
This tax credit is a true credit. There is no payback required as long as the buyer stays in the home, as a principal residence, for three years from purchase date. Please contact us for further details on the tax credit or to set you up on a home search at kevinpiket@johngreenerealtor.com.