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Clovis Real Estate News

August 14th, 2009

Hurry Clovis First-Time Home Buyers!

If you’re a first-time Clovis home buyer time is running out on the $8,000 tax credit.  The federal tax credit ends Dec. 1st, 2009.  However, it may take as long as two months to close on a Clovis home after signing a contract so you need to act fairly soon.  At the very latest, you must close on your home by November 30.

Here are some important facts about the $8,000 tax credit:

  • The tax credit is for first-time home buyers only. The IRS defines a first-time home buyer as someone who has not owned a principal residence 3 years 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.

Confused or have questions about the $8,000 tax credit?  Don’t worry, we can help.  Just contact us and we’ll walk you through it and get you in a home in time to receive your $8,000 credit.

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This entry was posted on Friday, August 14th, 2009 at 7:26 AM and is filed under Home Buying Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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