First Time Home Buyer $7500 TAX CREDIT
EXPIRES June 30, 2009
Saving money for a down payment is one of the major challenges most first time home buyers struggle with in the process of buying a home.
The Housing and Economic Recovery Act of 2008 provides an opportunity for qualifying buyers to purchase a home with a 3.5% down payment, which can be gifted by a family member, and repaid with a $7500 tax credit. The tax credit can be claimed on the federal income tax return with qualifying income limits.
The program is for new or resale property which is not-owned during the prior 3 years and must be purchased for a primary residence. The maximum loan amount is limited to 115% of median income, up to $625,500. The qualifying income limits are based on "modified adjusted income with a single taxpayer limited to $95,000 and for married filing jointly at $170,000.
Buyers have access to the $7500 tax credit prior to the April 2009 tax return by reducing their income tax withholding up to the amount of the credit which will enable the future home buyer to accumulate cash by raising the take home pay. This money can then be applied to the down payment. Buyers should adjust their withholding amount on their W-4 to comply.
This program expires June 30, 2009, and provides buyers with options for purchasing a property without having to save for a downpayment!!!!
Contact your FHA lender today to take advantage of this exceptional opportunity.
This information is provided by RE/MAX Country Properties, Amherst, NH, a full service real estate company servicing southern New Hampshire. Call 1-800-222-2829 for information. For real estate information in New Hampshire visit NH real estate community websites at New Hampshire Real Estate.