IF you've been waiting for the right time to buy your first home, wait no longer, THIS may be the best time in history for the first-time homebuyers to purchase a home.
What's working for you:
* Affordability is better than ever.
* Plenty of homes on the market.
* Sellers are more willing to bargain.
* Historically low interest rates.
* $8,000 first-time homebuyers tax credit.
What is the tax credit?
It's a credit up to 10% of the cost of your new home up to a limit of $8,000.
Who qualifies?
Only first-time homebuyers. You're considered a first-time homebuyer if you have not owned a home for three of the last five years.
Are there income restrictions?
Yes. Individuals are eligible for the credit if their income is no more than $75,000. for married couples, the limit is $150,000.
What if I make more?
You could still get a portion. Individuals who earn up to $95,000, and couples that earn up to $170,000 can still get a tax credit, based on a sliding scale.
Are there financing restrictions?
Most financing arrangements are acceptable.
Do I have to repay the credit?
NO. Unlike the 2008 credit, there is no repayment requirement.
Hoe do I apply?
There is no pre-purchase authorization. you simply claim the credit on your 2008 or 2009 tax return, on the new IRS form 5405.
2008 or 2009? How does that work?
If you bought a home before April 15th 2009, you can claim the tax credit on your 2008 taxes. If you buy a home after that, claim it on you 2009 taxes.
Is there a deadline?
YES. You have to buy and close on your home before December 1, 2009 to be eligible.
For more information on the first-time homebuyers tax credit consult with your tax adviser. For more information on homes any home in Northern NH contact a REALTOR at RE/MAX Northern Edge Realty today! Berlin, NH office: (603) 752-0003. Littleton. NH office (603) 444-3069.
Find you dream home at www.teamner.com & www.remax.com
