Buy a home this year and get $8000.00 in your pocket !

The latest modification to the stimulus bill: The credit increased from $7500 to $8000 and the taxpayer does not have to repay the credit. A first time homebuyer is considered one that has not owned a home in the past 3 years. The information below was copied from the National Association of REALTORS.

Please consult with your tax professional to see if you qualify.

Homebuyer Tax Credit – The bill provides for an $8,000.00 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser's income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. (You get a check from the IRS for the difference. If you are owed let’s say $1,000 on your taxes, you get a check for $9000.00)

Now is the best time in America to become a homeowner. Interest rates are at an all time low, houses are selling below market value, and you get an $8000.00 tax credit. This opportunity will only be around for a short time. If you have dreamed about homeownership, now is the time to make your dream come true. Contact your Exclusive Buyer’s Agent, James Potenza,ABR,EBA, and he will guide you through the entire process. James is available to answer any questions you may have.

It is also possible to amend your tax credit and use the money for your down payment on a home. Please consult with a knowledgeable mortgage lender and tax professional to see how you qualify.