| I am still surprised how many new homebuyers | | | | 1. To qualify as a "first time homebuyer" the |
| still don't understand that they can get an $8,000 | | | | buyer and his/her spouse may not have owned a |
| first time homebuyers tax credit. In fact, just this | | | | home during the three years prior to the |
| week one of our clients closed on a home and it | | | | purchase. |
| was the fact that she would get an $8,000 credit | | | | 2. The tax credit may be applied to primary |
| that actually sealed the deal during the | | | | residences only. |
| negotiations. | | | | 3. The maximum allowable tax credit is 10% of |
| Not only that, but first time homebuyers can | | | | the purchase price of the home up to $8,000. |
| actually apply for down payment assistance | | | | 4. Single buyers with incomes up to $75,000 and |
| through the state of Florida before they close on | | | | married couples with incomes up to $150,000 may |
| their home and then repay the amount when | | | | receive the maximum $8,000. |
| they get their tax refund. | | | | 5. The money does not need to be paid back to |
| However, these homebuyers need to act fast. | | | | the government as long as the buyer occupies |
| Buyers have until December 1, 2009 to close on a | | | | the home for three years or more. |
| new home in order to receive the credit or any | | | | When you combine this first time homebuyers |
| down payment assistance. | | | | tax credit with interest rates that are still low and |
| Here are some other answers to frequently | | | | home prices at rock bottom, there has never |
| asked questions about the first time homebuyers | | | | been a better time to buy your first home. |
| tax credit: | | | | |