Clear Lake Real Estate

Debbie Russell, Realtor®    United Texas Realtors
GRI      Graduate Real Estate Institute
CBR    Certified Buyers Representative
Clear Lake Real Estate, lake, lake.

    Office 17000 El Camino Real,  Ste 107,  Houston, TX    Fax:  (281) 754-4502  

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Direct 281-910-2001      EMail Me

$8000 free money from Uncle Sam to buy a home!

Limited Time Offer.  Contact me TODAY!


The 2009 First-Time Homebuyer Tax Credit was part of the American Recovery and Reinvestment Act of 2009.   This bill was signed into law Feb 17, 2009 and offers up to an $8000 tax credit to first time homebuyers towards the purchase of a primary residence between Jan 1, 2009 and Nov 30, 2009.   This combined with the lowest interest rates in over 40 years, and excellent home values available make this the best time ever to buy your first home.

A First-Time Home Buyer is anyone who hasn’t owned a home in the past three years.   So, if the last time you owned a home was 2005, you are eligible for the credit even though it is not really your “first” home.

Stimulus Package is for homes bought between Jan 1, 2009 and April 30, 2010.

EXTENSION of Homebuyer tax credit!

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

  • Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
  • Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Who Qualifies for the Extended Credit?

  • First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
     
  • Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
 

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by two additional factors:

  1. The price of the home.
  2. The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009,  single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

The information above is general.   Please contact me for more details, and make sure to contact a tax professional or the IRS before buying.

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