Yes now is the time to buy your first Johnson County Home. $8000 for you.
This is an outstanding opportunity for the First Time Home Buyers.
The Congress has signed into law the legislation providing first time home buyers with a credit of $8000!
Time is of the essence. The home purchase must happen before December 1st, 2009. This is really not a lot of time to check one's credti report, FICO Score, take care of needed repairs or corrections, find a responsible and reputable mortgage lender, shop for most suitable financing option, finding friendly and knowledgeable Realtor, start the house search quest, arrange for sale of a current house, include vacations, save for downpayment, everyday life etc, etc...all of these take a lot of time and lots of planning. To find information about location, neighborhood, schools etc is not an easy and quick task.But don't worry. You are not alone, you have a friend in the business!
Let's meet together and I will help you plan for new home ownership.
FIRST TIME HOME BUYERS TAX CREDIT TOP 10 LIST
- Amount of Credit - 10% of purchase price, not to exceed $8,000
- Eligible Property - Single family residence (principal residence)
- Not Refundable - Reduces or eliminates income tax liablity, will receive refund for unused amount
- Income Limit - Single taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
- First Time Home Buyer - Purchaser and Purchaser's Spouse may not have owned a principal residence in three years previous to purchase
- Revenue Bond Financing - Purchasers who utilize revenue bond financing can use credit
- Repayment - no repayment for purchases on or after January 1st, 2009 and before December 1st, 2009
- Recapture - If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009
- Termination - Program expires on December 1st, 2009
- Effective date - Effective as of January 1st, 2009
Call me if you need additional information or have a question...405-812-1572
With smiles,
Bo
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I hope this will assist me in getting a few folks off the fence. Some of my buyers went into wait and see mode when this was being decided so hopefully now we can get moving.
Russell ~ This information cannot be passed around enough! Thanks.
i had was a home owner almost five years ago. i sold my house on June 2006. I am in contract with a new home contractor and my house will be ready by March 31, 2009. I am missing the three year period by a three months. Is there a way i could be elegible for the tax credit? I fill the rest of the requieremetns.
Jose,
I would check with your tax advisor but I would believe that you will need to wait until after the close date of your former house in June. Check with the builder to see if you can hold back on the closing till then or if you can rent the house for three months and close the sale in June.