As you may have heard, our government has put together a tax credit program which will give a first-time homebuyer credit of up to $8,000 (10% of a home price). There are only four months left for you to take advantage of this wonderful program; in other words you need to go to settlement by November 30 in order to receive the tax break.
There are two important things you should remember:
1. You have to be a first time buyer (or you will also qualify if you have not owned a home in the last 3 years).
2. Your income should be up to $75,000 if you are single and $150,000 if you are a married couple (adjusted gross annual income). The credit amount phases out between $75K and $95K for individuals; $150K and $170K for joint filers.
There are still quite a few properties that are worth buying today- many of them are near the metro, too! However, you should remember that it takes longer to get to closing. Banks require the minimum of 30 days + after the ratification of a contract to close on the deal. Hurry! If you need help and guidance - call or email me! Good luck!
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