Buying Lehigh Valley Real Estate and using the $8000.00 First Time Home Buyer Tax Credit - How can you use it? Who Qualifies? FAQ's? Current and Updated information as of 8-31-09.
Key BASIC Points to the Program made easy
1) As of 8-31-09 The $8000.00 Tax Credit is For Anyone who has not owned a home in the last 3 years.
2) There are income requirements. Basics: If you are single you can not make more than $75,000.00 per year. Married then you can not make more than $150,000.00 per year. (if you are over these limits you may still qualify for a portion of the credit)
3) How do you get the money? Basics: You send in your tax return claiming you purchased a home and they will send you 10% of the purchase price of the home you purchase with a limit of $8000.00. Example: you purchase $75,000.00 home you get 10% = $7,500.00 You purchase $200,000.00 Home you get $8,000.00.
4) Can you get the money to help you with your closing costs? The ONLY way to do this in PA is to work with PHFA and qualify for a first loan and they have a program for getting you $5000.00 for a pre-owned home and $6000.00 for a new home. PHFA Program Details
5) What is the current deadline to use this program to purchase a home? November 30, 2009
6) Does this money have to get paid back? Well, not if you own the home for over 3 y ears. If you sell the home before the 3 year deadline...yeah, you will need to pay back the money.
7) How do you get the money before sending in your taxes next year? You can send in an amended tax return from this year and get your tax credit within 60 days.
8) What can you use the money for? You can use the money for what ever you want! There are no restrictions.
Other Detailed Resources about $8000.00 Tax Credit (unknown if this information is updated on a regular basis)
National Association of Home Builders
Direct from the IRS Website
More Information & Helpful Links
Lehigh Valley Down Payment & Closings cost Basics HOOP & PHFA
Local Down Payment & Closing Cost Information - HOOP
PA State Down Payment & Closing Cost Information - PHFA
Getting Help with Closing Costs with Seller's Assist
Home Modification Loans for the Permanently Disabled
Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved *Lehigh Valley Real Estate - $8000 First Time Home Buyer Tax Credit made easy *
