1. Eight Grand The first time home buyers credit is 10% of purchase price or a maximum of $8000, according to U.S. News and World Report.
2. First Time Home Buyer A first time home buyer is defined as someone who hasn't owned a principal residence in the past three years. If you own a vacation home, but not principal residence you still qualify.
3. Deadline You must purchase a home between now and December 1, 2009 to qualify.
4. Income Limits The credit is subject to income limits. A single buyer must have an adjust gross income of less than $75,000 and for married couples no more than $150,000. Home buyers with larger incomes may qualify for a reduced credit.
5. Refund The credit comes in the form of a refund check, not a tax deduction.
6. Recapture If you live in the home, or sell it in less than three years, you'll be subject to recapture costs and need to refund the government. Exceptions apply for death or divorce.
The bottom line info you need to keep in mind is buy the home now, don't wait. Interest rates are historically low, buyers control the market and inventory is begging to dwindle, a sign of an improving housing market.
Step one is to meet in person or by phone with First Time Buyer Agent Expert, Chris White. He will be able to further explain the details of the $8000 credit and set you up with current listings via email.
"That is a beautiful shot with very good lighting ." about Women Consider Owning a Home to be a Vital Component of the American Dream
on Sunday, May 12, 2013 @ 9:57 AM
Chris White - Team Leader said
"Unfortunately you are not alone. It's more than an outcry. The powers that be really need to come down harder on Bofa than they already are. Working on these short sale for over 2 years now I've uncovered down right fraud happening on the lenders parts. If they cared more about moving this country forward than protecting their own wallets then they would cut the red tape and approve these short sales in a timely manner. Our team made the wise decision to get BofA loans which were FHA or Freddie Mac backed, approved prior to listing on the market. Then we can list the home as "Price Approved" and close in 30 days. In this instance BofA does a full appraisal, rather than an incompetent "Broker Price Opinion" (nothing against agents but they have no idea how to make adjustments on comparable homes) and then the bank issues an "Approval To Participate" letter which dictates what price we can go on the market and take anything north of 88%. I really do hope your situation improves. " about Congressional Bill to Speed Up Short Sales
on Tuesday, August 30, 2011 @ 9:15 AM
Lisa Zeiner said
"We made an offer 4 months ago to BofA, and have heard nothing. It was a cash offer which is better than the zero money they are collecting now. And since the people don't care they are trashing the place, by the time BofA gets around to it our offer will be gone as the place is a mess!! Septic issues now, garbage being dumnped. All of this could have been avoided if BofA really wanted to correct their cash flow problem and sell these properties in a timely manner. They cry about cash but then do nothing intelligent to fix the problem" about Congressional Bill to Speed Up Short Sales
on Tuesday, August 30, 2011 @ 9:06 AM
Jones Ramirez said
"Thank you for the work you have done into this post, it helps clear up a few questions I had." about How do appraiser’s determine a homes value?
on Tuesday, April 19, 2011 @ 10:07 PM
HollyRobsonf said
"Hey - I am certainly happy to find this. great job!" about Bank of America to Offer Principal Reduction to Underwater Borrowers
on Wednesday, April 13, 2011 @ 6:45 PM