Posted by Randy Chavers on Tue, Jan 05, 2010 @ 03:55 PM
Thousands of Atlanta homes are bargain priced, interest
rates are at historic lows and you can get up to $8,000 of your hard-earned
tax dollars back if you haven't owned a home in the past 3 years. It's a great
combination, but you will want to know the answers to the following questions;
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What's the time limit? You must sign a purchase
contract no later than April 30, 2010 and close before July 1.
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Who is considered a first time homebuyer? You
are... if neither you nor your spouse has owned a primary residence in the U.S.
within the last 3 years.
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How much income do I need? There is NO minimum
income for claiming the tax credit. If you don't owe any taxes, you can receive
the money in cash. Seriously!
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When do I get the tax credit? You can claim the credit
when you file your 2009 or 2010 tax return. There are also programs that will
advance the money to help on your down payment. Click here for information on Tax
Credit Advance programs.
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Do I ever have to pay the money back? This is
money that never has to be repaid, provided you live in the home for 3 years.
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Can I buy a house for $900,000? No. The program
caps the home price at $800,000. Any amount over the cap makes the home
ineligible for the tax credit.
- View the video below for a summary;