First Time Home Buyers - Time is running out to get your tax credit!

If you are a 1st Time Home Buyer there is still time to cash in on the 1st Time Home Buyer's $8,000 Tax Credit.  Your purchase must be closed, recorded, and in your name no later than November 30th.

Being a 1st Time Home Buyer has nothing to do with any income limits, if you have not owned a home in the last 3 years, you qualify as a 1st Time Buyer!  To qualify for the full tax credit, you must purchase a home of at least $80,000. If you owe IRS any money they will withhold that amount of the tax credit, otherwise you actually get a check for $8,000!  If you have any questions about the tax credit I have lots of sites I can refer you to.

Bank owned and fair market listings are the best choice for a fast close. Many buyers are staying away from Short Sales because of the fear of not closing on time - some Short Sales are still worth looking at, it just depends on what stage the process is in. 

So, no matter what price range you are in, it is time to buy a home!
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September 12 2009 - Vancouver
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Profile picture for wetdawgs

"Being a 1st Time Home Buyer has nothing to do with any income limits"
There are indeed income limits for this credit.  A single person find it starts to phase out with an income limit of $75,000 and a couple with an income limit of >$150,000

"bank owned... fast close
".  your community must be very different from all other communities!



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September 12 2009
Yeah wetdawgs that posting was fraught with errors and omissions.

Sure hope she has errors and omissions insurance!.

Even if you haven't owned a home in the last three years (and even if you HAVE) you may or may not qualify for this program.

See the link for more information.

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

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September 12 2009
not to mention, as I've posted in this link, in many markets precisely the types of homes a first time buyer would likely buy have jumped in price. [I've also seen research that shows the average car price jumped over $1000 during cash for clunkers]

So, race right now to beat the credit deadline, and you risk paying too much.
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September 12 2009
Profile picture for lamaSr
The NAR estimates that the $8k credit will generate about 350,000 additional sales.  Per the NAR, there will be 1.9 million first-time buyers this year, all of whom will receive the tax credit. The total cost of the tax credit will be $15.2 billion. Dividing $15.2 billion by 350,000 equals $43,400 per additional buyer.
Pretty expensive marketing gimmick....and we haven't even looked at how many will default like other low down payment programs.
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September 12 2009
Profile picture for km9
  • km9
  • Contributions:128
Vancouver!!!  WTF!!!
yeah, I'm the stupid procrastinator Sandy Michaels.  I will most likely miss the boat.  It's alright, the Prez is going to save me.  He'll offer another 8 g's to replace this and we'll be back to business after all the hypers are gone into the ownership world.
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September 12 2009
For all the sputtering, the fact of the matter is that everything Sandy says is correct except for the income limits, which was carefully noted by WetDawgs.

Time is, indeed, running out. If you want to stay on the sidelines, that's certainly your business. But if you're procrastinating, you had better be under contract by the third week of October or so, because closings are always hectic on Thanksgiving week.

 
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September 12 2009
"sputtering" ... does that translate as market information that goes over your head?
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September 12 2009
Profile picture for sunnyview
The link that Mike Emery posted to the IRS FAQ here about the buyers credit is great for buyer's with questions about the credit. If you are thinking about buying, this housing cost calculator that figures in the cost of owning vs renting including when you plan to resell might also be worth a look here and this rent vs buy calculator from the NY Times here is also very good for running numbers to see if buying makes sense for your situation. The buyer's credit is only one piece of the puzzle. Get all the info you can before you decide whether or not to buy.
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September 13 2009
 
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