Sequim first time home buyers have an opportunity. If you’re a first time home buyer, you can take advantage of the lowest prices in real estate in decades, the lowest interest rates in decades, and on top of that an $8,000 tax credit! Here’s how it works.
- 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.
- 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.
This is a great time to buy a home in Sequim or Port Angeles and a great time to build a home, but if you wait too long, you will lose the benefit of low prices and low interest rates.
Last Updated on February 19, 2010 by Chuck Marunde
Thanks for posting this great article, it is informative and relavent. This tax credit is a thing of beauty. I do not think there would be many first time home buyers during 2009 if there was not extra incentive to do so. The economy and financial situations of many of these low income people is just too hectic. But with an $8,000 tax credit, it should help stimulate real estate purchases this year and is a great boost to the economy.
Actually the deadline has now been extended until April 30th of next year. It isn’t December 1st anymore. That should give people a little more time to shop around and get financing. Also, the annual income limits have been increased to $125K for singles and $225K for couples.
Stacy
First Time Home Buyer Tax Credit