Jun
8
Need a Simple Breakdown of the $8,000 tax “Rebate”?
Posted by James Utsey under For Buyers, For Sellers, For Realty Professionals, General Information, Ask a REALTOR
Ok…so you have heard a little or a lot about the $8,000 tax “credit” but you are not sure how it all applies to you? Here are some very simple things to know and remember.
1) I like to call the tax “credit” a “rebate”. Why? Because, when you qualify, you will get as much as $8,000 back in rebate form from the Fed! Let’s say, for example, you qualify for the full rebate, and you were due a $1500 refund from the IRS. You will now be receiving $9500! Incredible huh?
2) Qualifications - The government considers you a “first time homebuyer” if you have not owned a primary residence in the last 3 years. There are some exceptions that will allow you to have some investment property—even vacation homes. Just not a primary residence in the last 3 years.
Income—fairly generous income allowances! Income of up to $75k for a single person, or $150k for a couple. There is also a possibility of a partial rebate if your income exceeds these numbers!
3) And most recently—HUD is now allowing the $8k to be “monetized” or used as a partial loan for closing costs during the actual purchase! This is VERY exciting news!
4) There are some 100% loan programs available in our area that allow seller contributions and/or use of the monetized $8,000 for closing costs!
This is truly an incredible opportunity for you to take advantage of! Give us a call at 972-938-2222 so we can match you with a lender, get you qualified, and find your perfect home today!
Best,
James
Keller Williams Realty Elllis County
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