In an effort to encourage more home sales the government is offering $8,000 first-time home buyer tax credit to homebuyers who have not owned a home in the last three years. Another offer includes homeowners who have owned a home consecutively for 5 of the past 8 years who will receive up to $6,500 in tax credit.
When Jeff and I got married, we made an agreement that instead of spending our savings for a lavish wedding, we would use our savings for a down payment on our first home. After consulting with our accountant about the first time home buyer tax credit we instantly could see this was the right decision. We did our research and found a nice home in Moreno Valley, California. It was our first home together and our first investment as husband and wife. As first time home buyers, we qualified for the first-time home buyer credit.
A lot of information is available on the website regarding 2010 Homebuyer Tax Credits for homebuyers, sellers and those who are just interested to know what’s available out there in the market. There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010.) Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.
Coldwell Banker helped us a lot when we purchased our first home. It is so complicated to wade through all of the paperwork and we found the Coldwell Banker realtor made it so simple and they had very good home selections too. So, pardon me now as I lean back in my new recliner to watch my big screen TV with surround sound, all of which I bought with my tax credit.
- by Chay -
5 comments:
This is very informative, I can make use of the info here...thanks!
We are set to buy a house this year and hopefully it won't be delayed or postponed anymore like what happened last year.
happy weekend!
Great information, Chay!
I am interested in buying a home but this is my first time. I am wondering how do I protect myself from scammers that just want to steal my identity and money?
What do I need to check, and what should I ask from the loan officer before he tries to get my SSN and more? Any suggestions are appreciated.
I didn't get a chance to take advantage of this opportunity, but wished I could have!
Post a Comment