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Who's eligible for the $10,000 deal?
Part I: $7500 Tax Credit
The first time homebuyer tax credit was recently introduced in August of 2008 and available for homes purchased between August 9, 2008 through July 1, 2009.
Here is the, “at a glance” version of the credit…
- The tax credit is available
for first-time home buyers and those who have not
owned a principal residence in the last 3 years.
- The maximum credit amount is
$7,500.
- The credit is available for
homes purchased on or after April 9, 2008 and before
July 1, 2009.
- Single taxpayers with incomes
up to $75,000 and married couples with incomes up to
$150,000 qualify for the full tax credit.
- The tax credit works like an
interest-free loan and must be repaid over a 15-year
period.
- The tax credit must be
repaid. Home buyers will be required to repay the
credit to the government, without interest, over 15
years or when they sell the house, if there is
sufficient capital gain from the sale. For example, a
home buyer claiming a $7,500 credit would repay the
credit at $500 per year. The home owner does not have
to begin making repayments on the credit until two
years after the credit is claimed. So if the tax
credit is claimed on the 2008 tax return, a $500
payment is not due until the 2010 tax return is filed.
If the home owner sold the home, then the remaining
credit amount would be due from the profit on the home
sale. If there was insufficient profit, then the
remaining credit payback would be forgiven.
- In general, the tax credit is equal to 10% of the qualified home purchase price, but the credit amount is capped or limited at $7,500. For most first-time home buyers, this means the credit will equal $7,500. For home buyers purchasing a home priced less than $75,000, the credit will equal 10% of the purchase price.
If you have further questions, we strongly encourage you to seek the assistance of a qualified tax professional. For complete information on the program please visit www.federalhousingtaxcredit.com .
Part II: About The $2,500 Real Living Incentive
Buyers who purchase a home featured in the Citywide House Hop are eligible to receive up to $2,500 when upon closing.
Here is how you qualify:
- Buyers must purchase of one of Real Living HER’s Citywide House Hop homes
- Buyers must be in-contract on
a home prior to November 19th, 2008 and close prior to
December 31st, 2008
- To be considered in-contract
you must have a mutually accepted agreement with the
seller of a Citywide House Hop home
- Buyers must utilize Real
Living Mortgage for financing
When you qualify:
- Buyers can receive up to 1%
credit in closing costs and prepaid items on their
first mortgage, with the purchase of a Citywide House
Hop Open House.
- Borrowers must close their
loan through Real Living Mortgage, subject to
qualification and approval.
- Credit amount will not exceed closing fees resulting in cash back … and cannot exceed $2,500.
This offer cannot be combined with any other first mortgage incentives. Not available on Ohio Bond loans. All first mortgage products are offered and provided by Real Living Mortgage, LLC. Equal Housing Lender
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You may be eligible to recieve up to $10,000
off your next home purchase!
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