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FIRST TIME HOME BUYERS & INITIAL PURCHASES

We appreciate the complexity of the purchase of your first home. Our brokers are patient and specialize in full service. As such, our first time buyers enjoy both the benefit of the purchase of their first home and the opportunity to learn how the process works end-to-end. This allows our buyers to be better prepared to manange their new home as well as to be more prepared for the next purchase. National averages reflect the average home is only owned for 5-7 years. Our mission is not only to be there and help you complete your first transaction but to be there for you for life.

As you probably already know, the new home buyer tax credit that went into effect in early 2009 has been extended. What this means for you is that, if you’re looking at buying a new home in the next couple of months, you could get a tax credit for as much as $8,000. Even if you’re not a first time home buyer, and you’ve owned a home for five years or more, you could qualify for a tax credit of up to $6,500.

So, if you’re thinking about buying a new home under the tax credit, here are the basic things you need to keep in mind:

Deadlines

You’ve got until April 30, 2010, to get under contract to buy your home. You don’t have to complete the sale by that date, but you need to have a purchase agreement in place. You’ll need to complete the sale within 60 days of signing the purchase agreement, or by no later than June 30. Realize, too, that it’s always possible that the credit will yet again be extended. However, if you’re going to be certain, you want to sign by the end of April.

New home buyer vs. home owner

Not everyone buying a home qualifies for a tax credit, and those that do qualify don’t qualify for the exact same credit. If you haven’t owned a home in the past three years, you qualify for the “new home buyer” credit of 10 percent of the price, up to a maximum of $8,000. If you have owned a home for at least the past five years, you can get a $6,500 tax credit.

Income and sale price limitations

If you make more than $125,000 a year as an individual or more than $225,000 a year as a married couple, the credit phases out for you. In addition, if the home sells for more than $800,000, it isn’t eligible.

Still, if you qualify for the tax credit and are even mildly considering buying a new home, it will definitely pay off to do so before the April 30 deadline, if you meet the criteria and qualify for the credit.

For more information about the new and the prior tax credit program view this article.

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