Tuesday, May 26, 2009

May Newsletter - First Time Home Buyer Tax Credit

First Time Homebuyer's Tax Credit

Please call me to take advantage of this great opportunity

How much is this credit?
Lesser of 10% of the cost of home or $8,000

Who can use this credit?
A first time homebuyer is defined as someone who did not own another home at any time during the three years prior to the date of purchase. (For married joint filers, both must meet the 1st time homebuyer test to take the credit on a joint return.)

Who can’t use this credit?

• Individuals with Adjusted Gross Income of $75,000 and $150,000 on a joint return (Phases out above these caps)
• You buy your home from a close relative. (Spouse, parent, grandparent, child or grandchild)
• You stop using your home as your main home.

What homes are eligible?
• It must be your principal residence.
• The home must be located in the United States.
• Vacation homes and rental properties are not eligible.
• For new construction, the “purchase date” is the date you occupy the home. So the move in date must be before December 1, 2009.

When do I have to purchase the home?
To be eligible for the tax credit, you must purchase a home between January 1, 2009 and before December 1, 2009.

How long do I have to own the home?
If the home is sold prior to three years of ownership, the tax credit must be repaid. (This provision is designed to prevent “flipping” homes in order to get the credit.)

When can I claim the credit?
It can be claimed on your 2008 Tax Return (to be filed by April 15, 2009), an amended 2008 Tax Return, or your 2009 Tax Return.New developments are happening now regarding when your credit can be claimed.
The Federal Housing Administration will soon be allowing bridge loans or cash advances of the tax credit to be used as a down payment or for closing costs. See your lender for specific details or contact me for a referral.

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Client Testimonials

Better than expected

"Since the family lives out of town, we are grateful to John for making the sale of our mother's house very managable for us. John listened to our needs and met them all. He was considerate, knowledable, coordinated all the details , and , communicated with us throughout the whole process. Having you take care of the house went better than expected from out of town."

- Anne Baker 2517 Borglum


Great Selling Experience

"After trying to sell our house on our own, it was a relief to list it under an experienced realtor. John sold our house much quicker than we could have imagined."

- 3009 Barry St


Experienced and Helpful

"The experience of buying a home was very good, the help was very much appreciated."

- David and Michelle 2088 Jaclyn


Trustworthy and Professional

"John is a great realtor. He is knowledgable, trustworthy, and professional. We look forward to doing business with him again."

- Investors


Realistic Goals

"My unreal optimism mixed with John's realism make us a good pair."

- Investor


Helping Hand

"John was the best, he worked hard and we appreciate him for everything he did for us."

- Cathy Claflin Melvin Ct.


Love my new home

"I worked with RE/MAX to buy a house. They were very professional and unbelievably helpful. John DeVries helped me find my house and it's amazing how much he helped me. It didn't matter what my schedule was, he kept working hard and showing me houses until we found the right home. I am so happy with it and love it already. Thanks RE/MAX and John"

- Caleb Byron Rd.