First-Time Home Buyers Receive $8000 Guaranteed If They Buy Now!
First-Time Home Buyers This is a Slam Dunk!
If you haven’t heard or realized, First-Time Home Buyers received a $8000.00 give me when President Obama signed in
legislation a law that provides First-Time Home Buyers with an astounding eight thousand dollar tax credit.
In a nutshell, it means that you are knocking off eight grand from already rock bottom home prices.
If there ever was a time to BUY NOW, this is it!
To pull this off, the purchase MUST be completed by December 1, 2009. To be quite frank, if you are one of the
numerous first-time home buyers that have been waiting for the right moment, I’ll repeat myself; this is it. Look
at what you get. This is tax credit; it is not a loan and therefore does not require repayment. If you purchase a
home for $150k, with the tax credit, you end up paying $142k! That means if you buy right, that $8000.00 tax credit
can make a heck of a difference in your bottom line.
First-time home buyers need to wake up and realize this; the market is favoring you due to the glut of
properties available. There are very few places in the United States that have not been impacted by this current
It is safe to say, that wherever you buy, you will be buying at a discount and potentially receiving other
incentives to BUY NOW! In Power Springs, Georgia, a developer threw in a Kia Spectra to entice buyers to buy now.
Another developer threw in an all expenses paid cruise for two. Others are throwing washers and dryers, flat panel
TVs and laptops.
Just about everywhere you turn similar deals are being offered and even if they are not - owners, developers and
investors are more than willing to sweeten the pot to close the deal. That being said, these deals won’t be around
forever. That’s why taking the $8000.00 tax credit is simply just a great deal.
What qualifications must a person meet to take advantage of this economic stimulus package? It’s really not much
considering what you are receiving. For starters, the borrower must agree to take home owner counseling provided by
a DOJ approved debt counseling agency. This requirement really benefits the borrower because it lays the groundwork
for them to be good stewards of their finances.
The home purchase must be for their primary residence. They must to be First-Time Home Buyers. That means they
are eligible if they have not owned a property during the three-year period ending on the date of the purchase,
which is defined as the closing date of the sale, not the contract date. If you are building a home, the purchase
date is considered the date the home is first occupied. If the home is sold within three years, the $8,000 tax
credit must be re-paid.
Who doesn’t qualify for the tax credit? - Single people who earn $75,000 or more and married people who earn
$150,000 or more. The person is also not eligible if the seller is a relative of the buyer. The IRS wanted to make
sure that no family hanky panky business was going on.
Overall, the $8,000 tax credit for first-time home buyers should entice many aspiring homeowners to “jump-in”
and buy a home before December 1, 2009. If not, they just missed out on an incredible deal that may not come around
again for a L-O-N-G time!
Author, Joel Marks of REODr.com