First-Time Homebuyer?
Posted by: Chesley Payne
September 27, 2009
Topic: Consumer Information
First-Time Homebuyer? Remember the $8,000.00 Tax Credit which all first time homebuyers are eligible for runs out on December 1, 2009. Several agents and individuals who have closed with our firm have stated a wait time of 6-8 weeks for the receipt of the check under this program. Also, unlike earlier plans, this tax credit will not have to be paid back.
Almost every first time home buyer can qualify for this credit as the IRS lists the following criteria to qualify for the credit:
1. the right of possession,
2. the right to obtain legal title upon full payment of the purchase price,
3. the right to construct improvements,
4. the obligation to pay property taxes,
5. the risk of loss,
6. the responsibility to insure the property and;
7. the duty to maintain the property.
So remember, even if the price is not exactly right, Uncle Sam is more than happy to step in with a little help.
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First-Time Homebuyer?
