If you’ve asked yourself lately, ”What can my country do for me?” ask no longer and call your Calcagni Associates REALTOR to make that home purchase you have been putting off. President Obama’s American Recovery and Investment Act signed into law on Feb 17, 2009 provided first time home buyers a unique opportunity to receive up to $8,000 in the form of a credit when purchasing a home between Jan 1 and Dec 1, 2009.
(Of course there are always stipulations and not all buyers will qualify for the full $8,000 credit.)
Here Are the Highlights:
- First time buyer means purchaser (and purchaser’s spouse). Purchaser may not have owned a principal residence in 3 years previous to purchase.
- No repayment of credit for purchases made between Jan 1 and Dec 1, 2009.
- Repayment of entire credit applies if home is sold within 3 years of purchase date.
- Purchasers who utilize revenue bond funding (CHFA loans, etc.) can use credit.
- Income limits apply of this program and are as follows:
- Full amount of credit available for individuals with adjusted gross income of no more than $75,000 for singles and $150,000 for joint returns.
- Over those amounts the credit phases out.
- Credit can be used to eliminate income tax liability for the year of the purchase.
- Credit will be received when tax return is filed.
As always if you have questions about your own particular situation we advise you to consult with your tax advisor.
So don’t wait. Together with low interest rates, well priced homes and wonderful choices this is one opportunity you don’t want to miss. Our Calcagni team is ready to assist you. All you need do is make a call or email us. Do it now.
Written by Joel Grossman, CRS, GRI, Realtor, Calcagni Associates