Have you been waiting for the perfect time to buy a home in Central Florida? Start looking now! Home prices are finally affordable, interest rates just dropped another half point last Wednesday, and if you purchase a home between April 9, 2008 and July 1, 2009 you may be eligible to receive a tax credit for 10% of the purchase price of your home-up to $7,500. This tax credit is a benefit that makes it easier for you to buy your first home under the Housing and Economic Recovery Act of 2008. To see if you qualify read the following:
- Any individual (and if married, their spouse) who has had no ownership interest in a home during the last three years is eligible
- Full credit for single taxpayers with incomes up to $75,000 ($150,000 on a joint return); partial credit for incomes up to $95,000 ($170,000 on a joint return)
- Available only for the purchase of a single-family home that will be used as a principal residence
- Homebuyers must repay the tax credit in 6.67% increments over 15 years, but there is no interest charge
- If the home is sold before 15 years, the remainder of the tax credit must be paid by the homebuyer at closing
So not only will you be thrilled to have a home to call your own, imagine how full your wallet will be when it comes to tax time. If you have a mortgage; within the first year you can right off all your closing costs and any points on your interest, then every year after you can right off the interest and taxes you’ve paid on your home and now you will have this extra tax credit.
Contact TeamConnect today for more information and to start looking for the home of your dreams! 407-516-1000
