Friday, September 4, 2009
First Time Homebuyer Program
Many Americans are about to close on the sale of their new home to officially become a homeowner for the first time.
Americans are taking advantage of the federal first time homebuyers program, before it runs out.
It definitely gives Americans the ambition to keep on everybody because buying a home is such a long process. You have to jump through so many hoops.
Ann Davis of FORHomeBuyers, Inc., says, "To meet the deadline, you must close on the sale of your home by November 30th". Ann Davis is a top buyers agent in the Raleigh real estate market.
To do that, Davis recommends that you have a contract in place by the end of September.
She says that should give you enough time and some extra, to make sure everything that leads up to the closing, gets done.
There are contingencies such as the home inspection contingency that needs to be performed and making sure you have mortgage in place which usually takes a couple of weeks.
The first time home buyer credit is available for homes bought on or after January 1st of this year.
To qualify, if you're single, you must make less than $75,000 a year.
If you're married, it's a combined income of less than $150,000.
The credit is a maximum of $8,000 or 10% of the home's purchase price.
To get the first time home buyer's tax credit, all you need to do is file for it on your federal income tax return.
FORHomeBUYERS, Inc., offers Exclusive Buyer Only Raleigh Real Estate Services.
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