CURRENT RATES

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FIRST TIME HOME BUYER TAX CREDIT

The first-time-home-buyer credit expires end of March 2010. This means that many home buyers will literally lose $8,000 unless they buy a home now, before the deadline! Homebuyers can use the credit to save a lot of money on their home purchase, and home sellers can use the credit to motivate buyers to take action now, before the credit expires.
Here are the general rules:
A first time home buyer is defined as someone who has not owned a home in the last three years
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
You cannot purchase the home from a related party like a spouse, direct ancestor, or direct lineal descendent (child or grandchild); however, you can still qualify for the credit if you purchase a property from siblings, nephews, nieces, and others
If you are married, both spouses must be first-time home buyers
If more than one unmarried individual is buying the property, the credit can be split up among all the individuals who qualify. However, the total credit taken cannot exceed $8,000
The credit amounts to 10% of the purchase price of the home not to exceed $8,000
The tax credit does not need to be paid back if you continue living in the home as your primary residence for three years without selling it
Other features and strategies:
One of the greatest features of the credit is that it is "refundable". This means that first-time home buyers who owe less than $8,000 in taxes for the year are still eligible for the full $8,000 credit when they file their tax returns. In that case, the IRS will write you a check for the difference between $8,000 and your actual tax bill. In fact, you can even turn in the credit for cash even before you file your 2009 trax returns! Simply file a form with the IRS after you close on the home purchase, and they will write you a check for up to $8,000!
If you are buying a home, you can get creative and ask the seller to match the credit by paying your closing costs or buying down the interest rate on your mortgage. Remember, it's a buyer's market and anything is negotiable. If you are selling a home, you can get buyers off the fence and make your home more affordable by offering to match the credit with seller-paid points and closing costs. What a fantastic way to stand out from all the other homes that are listed for sale in your market!
Contact your mortgage and financial professional for more information about some of these strategies and how the first-time home buyer tax credit would work in your individual situation

Call or email the Mortgage Professional, Mike Callahan for a free consulation.

Mike Callahan
AMG
623-236-8490
mikecallahanaz@yahoo.com

Visit his website for up to date Lender information, tax credits and current interest rates - just click on the link below.