I’ve received a lot of questions about the recent stimulus package and the $8,000 “First-Time Home Buyer” tax credit that is part of it. There are many scenarios and questions about who does and who does not qualify… and even the term “First-time home buyer” is not entirely correct!
Here are some of the top questions complied and answered by the National Association of Mortgage Brokers, the National Association of Realtors and tax advisors! I have also provided a visual breakdown showing the differences between the initial $7,500 Tax Credit and the new $8,000 Tax Credit.
Nota Bene: This post is for the informational benefit of my Winter Haven, Florida readers. As always, I advise you all to consult your legal and financial representatives to ensure that your individual situations truly merit taking this tax credit.
I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage broker, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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Hi Kevin, thanks for stopping by and commenting at my blog. Just checking out your blog here – looks very useful!
Chris’s last blog post..Starting a new life in Australia, part 4
Hey Chris! Thanks for that. I’ll be sure to stop by again. Love your blog’s conversational style! Anyone else wondering what it’s like to relocate to Australia should definitely check out homeiown.com!
I have a friend who is married, and he and his wife are renting an apartment. They have never owned a home, they have good credit, and they can afford a home. I think they’re crazy to not take advantage of this tax credit and the current low mortgage rates.
Do you know have any information about the govt extending this tax credit? i heard something about possibly raising it to almost 15000? do you have any more info about this?
thanks!
@SRS – As of August 5th, Senate Majority Leader Harry Reid said he expects Congress by year’s end to extend the $8,000 tax credit for first-time home buyers.
No firm commitments yet, but we’re hoping.
Kevin – your posting mentions the Ntl. Assoc. of Realtors and tax advisors. I would like to suggest that your tax advisors be Enrolled Agents. EA’s are the ONLY federally licensed tax professionals. Our license is issued by the United States Treasury and we practice at all administrative levels of the IRS. I personally, would be interested in providing you with any updated tax information you might need. Please feel free to contact me or visit my website or that of the National Association of Enrolled Agents at naea.org.