This is one of the best thing that could happen for Metro Detroit home buyers. $8000 for any person that has not owned a home in the last three years and meets the income requirements. 8 grand!!!! This bill coupled with this years low interest rates and Metro Detroit's large inventory of homes makes this your lucky year if you are looking to buy a home.
It is a buyers market and there are a lot of bargain homes in just about every city.
The main points of the first time home buyer tax credit 2009 are
The credit is now $8,000 (down from the proposed $15,000). This is $500 more than the last years home buyer tax credit (2008)
Only for qualifying home purchases this year between January 1, 2009 and December 1, 2009.
First time homebuyer will be considered as anybody who has not owned a house in the last three years.
You must not have adjusted gross income that exceeds $75,000 (or $150,000 for married couples filing jointly).
Full amount of credit is available to people that fall below the income level (phases out at $90,000 for single people, and $170,000 for married couples)
If you sell the home within three years, you'll forfeit the credit (or have to pay it back it you already claimed it).
Eliminates the repayment requirement for the tax credit for first-time home buyers (unlike last years home buyer tax credit). This means that the home buyer tax break is a true tax deduction/credit, so will be an actual $8000 reduction on your next tax bill. If you don't owe that much and purchased a house in the qualifying period, you get a check back from the IRS.
All principal residences allowed, in another words no rental properties will be covered.
If you are thinking about buying a home this first time home buyertax credit2009 will really help you out.
For more information feel free to call me on my cell phone at (313) 310-9855 or email me at info@RussRavary.com
Russ Ravary is a licensed real estate agent in the State of Michigan and a Realtor.
Photos, Comp and Listing Information Courtesy of Realcomp II Ltd, Properties shown have been listed and sold by various MLS member REALTOR® agents.
I do not guarantee or warrantee any of the above information. Please feel free to verify any of the facts. I recommend to always have a home inspection, always consult an attorney about contracts, Purchase agreements and any legal questions. Also consult a CPA or accountant about tax consequence regarding a Michigan home sale, or Michigan foreclosure.