By Ian Wolinsky
iwolinsky@adachere.com
(786) 587-0665
Have you been on the fence wanting to purchase your first home but didn’t have the confidence? Why continue renting when you can be a homeowner with all the benefits and tax incentives that would allow you a return on your hard earned money rather that spending it on rent?
If this is the case I have 8,000 reasons for you to “Get in the Game”; as the time is quickly fading to receive a federal grant that will give you up to $8,000 towards the purchase price of your first home. Combine this with historic low mortgage interest rates and the time has never been better.
The Federal Governments Housing stimulus for first time Home Buyers will expire at the end of April, which means that in-order for you to be able to take advantage of this tax credit you must be under contract no later than April 30th 2010, and close on the property by June 30th 2010. This credit which will be granted based upon your tax return can be used towards the purchase price of the property, via a HUD approved bridge loan. I can also applied against closing costs, allowing you, the first time Home Buyer, lowered cash out of pocket realities at your closing-which is one of the determining factors for those “on the fence”. It is important to understand that the loan cannot be used to cover the FHA 3.5% down payment.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and April 30th, 2010. To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
A - The price of the home (the credit is equal to 10% of the purchase price of the home, up to $8,000).
B - The buyer’s income (Single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 may receive the maximum tax credit).
If the Buyer(s)’ Income Exceeds These Limits, Can He/ She Still Get a Credit?
Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
With all this on your side, what better value than an REO Property?
We at Adache Real Estate are ready to assist you in every way and can aide you in taking advantage of the current real estate correction, but the time to act is now so if you or anyone you know is “On the Fence” I ask that you forward and share this information with them, and have them contact our offices. As a First Time Homebuyer Specialist, I can assist you and guide you down the path to homeownership.
Ian Wolinsky is a Licensed REALTOR with Adache Real Estate LLC in Ft. Lauderdale, Florida.; Specializing in First Time Home Buyer and Short Sales/Foreclosure/&REO’s. He is also an expert in dealing with the identification, and remediation of Properties affected with Chinese drywall. If you have any questions, He can be reached by email at iwolinsky@adachere.com; or on his Market Intelligence web site www.chinesedrywall-solutions.com.
For a list of all available foreclosures in South Florida, please visit www.adacheREO.com. For commercial real estate opportunities, and real estate bulk sales in Florida, visit us at www.AdacheREO.com/bulk.
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Tags: Foreclosures, Ian Wolinsky, Tax Credit, US Economy