April 22, 2009

Uncle Sam wants YOU to buy a home!

Posted to Julie Sarton

Confused about the $8,000 home buyer tax credit? You’re not alone, so the Wisconsin Realtors Association has started a campaign to educate buyers about this incredibly generous tax credit with an interactive website at www.wisconsinhomebuyer.org.

The basic guidelines are:

  1. You must purchase and close between 1/1/2009 and 12/1/2009
  2. Must be your first home OR be more than 3 years since your last purchase
  3. Single buyers or head-of-household buyers cannot have income over $75,000 to receive full credit (income up to $95,000 earns partial credit)
  4. Married couples filing jointly cannot have combined income of more than $150,000 to receive full credit (income up to $170,000 earns partial credit)
  5. Home costing more than $80,000 earns full $8,000 credit
  6. Home costing less than $80,000 earns credit equal to 10% of purchase price
  7. Cannot re-sell the home for three years
  8. Single family, new construction, townhomes, condos qualify
  9. The credit will be taken on 2009 income tax return
  10. The credit does not have to be paid back…it’s money in your pocket

There has NEVER been a better time to buy a first home! Get together with a mortgage loan officer to get pre-qualified and establish your price range, and begin working closely with a good local realtor who can help you locate the perfect home for your budget. There is a huge inventory of homes available at rock bottom prices, the lowest mortgage interest rates in many years, and now this gift from Uncle Sam to offset your purchase price.

Posted By: Julie Sarton

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