Many people have so many questions regarding the Tax Credit the government is offering first time home buyers. It is a great opportunity to buy for first time home buyers if the time is right for you. It is all time low interest rates and the opportunity to buy low and gain instant equity in your home, which will benefit you when it is time to sell. Please remember this is allowed until November 30, 2009.

Tax Credit at a Glance:

•  The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase. So you may qualify if you have not owned a home in 3 years.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
•  The credit is available for homes purchased on or after January 1, 2009 and before December 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.

For more information on this please contacts the Realtors and CPA who help make Coffee News possible!

Hillary Ulrich, HomeCity Real Estate, Hillary@homecity.com, 214-289-1887

Jennifer Lewis, Jennifer Lewis Homes, jenniferlewishomes.com, 214-328-5500

Paul Stanzel, Paul Stanzel Realtors, Inc., stanzelrealtors.com 469.438.7311

Vicki White, Realtor, http://vickiwhitehomes.com, 214.534.1305

William Miranda, CPA, billmirandacpa.com , 972-235-7005