1st Time Buyer

October 19th, 2009 Leave a comment Go to comments

 

Master Homes offers all First Time Home Buyers’ any current Specials offered by Freddie Mac or Fannie Mae or other Federal Government Agency plus any specials offered by Our Mortgage Lender.

In addition to any other Specials we will pay up to $3500.00 Dollars towards closing.

Who is Eligible for the Tax Credit? LOOK BELOW:
 
2009 First-Time Home Buyer Tax Credit Fact Sheet

The $8,000 tax credit is available for first-time home buyers only. The tax credit is a true credit.

It does not have to be repaid. The only repayment requirement is if the home owner sold the home within three years after the purchase. Income Limits

Home buyers who file as single or head-of-household taxpayers can claim the full $8,000 credit if their modified adjusted gross income (MAGI) is less than $75,000.

Effective Dates for the Tax Credit

First-time home buyers would receive an $8,000 tax credit for the purchase of any home on or after January 1, 2009 and before December 1, 2009. To qualify, you must actually close on the sale of the home during this period.

Tax Credit is Refundable

A refundable credit means that if you pay less than $8,000 in federal income taxes, then the government will write you a check for the difference.

Types of Homes that Qualify for the Tax Credit

All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a principal residence in the prior three years. This also includes newly-constructed homes.

For more details on the tax credit, go to www.federalhousingtaxcredit.com

 

• If you are due to receive a $1,000 tax refund from the government, your refund would grow to $9,000 ($1,000 plus $8,000 from the home buyer tax credit).

• Buyers can take the tax credit on their 2008 or 2009 income tax return.

 

• Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.

• Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.

• The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with a MAGI that exceeds $170,000.

 

• For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $3,000 payment from the government.• For married couples filing a joint return, the income limit doubles to $150,000.

Payback Provisions

• The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.

• All U.S. citizens who file taxes are eligible to participate in the program.

We suggest you contact our Mortgage Broker, Greg Turner, directly by this Link: www.redhotrates.com/gturner For the most current First Time Home Buyer Specials and necessary updates that may effect your qualifing for the 1st time buyer rebate.

Also click on this link which has additional important information for you as a First Time Home Buyer,

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