Save Money on Buying a Home!

 
Thanks ladybugbkt for the flickr photo.

We have been transacting some amazing deals in this market! Prices have fallen and interest rates have remained very low for the time being. Qualified home buyers looking to enter this market are getting the best of both worlds. 

There has also been much discussion about the stimulus package circulating in our office lately. Out of the entire package we have found the $8,000 first time home buyers tax credit to be the most important to Bay Area buyers.

Below is more information about what you need to qualify for this credit…

- You must either be a first time buyer or have not owned a home in 3 years

- The property you purchase must be your principle residence

- You must make the purchase between January 1 through December 1 of 2009

- Your yearly modified adjusted gross income must not exceed $75,000 for singles and $150,000 for married couples

- There is no cash exchange or payout for closing costs or down payment – you must file your tax return to get the $8,000 credit

- If the house you buy costs less than $80,000 you will receive only 10% of the purchase price in credit

- You must live in the property for a minimum of 3 years, or you will have to pay the credit back

- There is STILL time to use the credit on your 2008 tax return! Alternatively you can claim the credit on 2009 taxes.

The above information is provided for informational purposes only, and believed to be accurate. For legal or tax advice, please consult an attorney or tax adviser.