$8,000 Tax Credit Info!

What's UP at Rodeo Nights?

LAND FOR SALE!

FOR RENT!

Recently Sold

GUESS WHAT?

The Tax Credit is being extended until April 30, 2010!!!

(President Obama is also going to offer current homeowners a $6,500 credit if they have lived in their current home for 5 out ot the last 8 years!)

What Does Obama's Stimulous Package Do For ME?

If you are a first time home buyer you may qualify for an $8,000 REFUNDABLE tax credit(or up to 10% of the purchase price) on your 2009 tax return!!!!! So, if the property is $75,000, the credit is only $7,500. "Refundable" means that if your total tax liability in the given year is less than $8,000, the IRS will send a refund for the balance! That could mean a possible $8,000, in cash, in YOUR pocket!!

To qualify, simply purchase a home between now and April 30, 2010! This home must either be your first home to buy, OR, the first home you've bought in the last 3 years. Also, for a single person your Modified Adjusted Gross Income, MAGI, can't be more than $125,000/year, or for a married couple, not more than $225,000/yr, or the credit is proportionately reduced as incomes approach $95,000 and $170,000, as this is the phase out range. If your income (MAGI) exceeds the phase out range of $95,000 and $170,000 respectfully, you will not qualify for the credit.

Unfortunately, vacation homes and rental properties are NOT eligible. New construction can qualify if the move in date is before April 30, 2010. You may not buy the home from a close relative (spouse, parent, grandparent, child, or grandchild).

If the home is sold prior to 3 years of ownership, the tax credit must be repaid. (This is to prevent flipping homes in order to get the credit. )

So................if you can qualify for the tax credit, there is NO BETTER time than NOW to buy a house!!! Give me a call and I promise I'll help you find the right house to fit your personal needs!

ATTENTION! The Texas Dept. of Housing & Community Affairs has just recently announced buyers may now use the $8,000 Tax Credit towards their Downpayment/& or/Closing costs!. The new 90-Day Down Payment Assistance Program allows you 90 days to re-pay a temporary loan up to 5% of the first lien mortgage up to a maximum of $7,000. Each homebuyer is required to complete a pre-purchase homebuyer education course and complete IRS form 5405 and file an amended 2008 Federal Tax Return. Call me for more details if you think you qualify!!

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WE ALWAYS NEED LISTINGS, SO GIVE US A CALL IF YOU'RE THINKING ABOUT SELLING YOUR HOME!

We can do a FREE Market Analysis to help you know how much equity you have established in your home!

SHIRLEY HOWARD - Broker/Owner

(Square Footage Information taken from the Ochiltree CAD)