Tuesday, June 30, 2009

Are you thinking about buying your first home? First time home buyers who buy a home between January 1, 2009 and December 1, 2009 can qualify for a new tax credit or downpayment assistance up to $8,000.00. This $8,000.00 tax credit or downpayment assistance can be applied for through the state of Florida or the Federal Housing Administration (FHA) before they close on the purchase of their home; then repay the amount borrowed when they get their tax credit.  

Now there are a few guidelines in order to receive this $8,000.00 credit. First, you or your spouse can not have owned a residence during the three years prior to the purchase. Second, the maximum allowable credit for homebuyers is $8,000.00. Each homebuyer's tax credit is determined by two factors. 1. The purchase price of the home- the credit is equal to 10% of the purchase price of the home, up to $8,000.00. 2. The buyers income- single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 may receive the maximum tax credit. This credit does not need to be repaid if you live in your house for more than three years from the purchase date.

If you have anymore questions about this program please contact Chris or Jim for further assistance.