Buying Denver Homes just became easier with the 2009 First-Time Home Buyer Tax Credit.
Congress has passed legislation that grants a tax credit up to $8000 to first-time homebuyers. This is all part of the governments plan to help stimulate the U.S. housing market and address the economics challenges facing our nation. If you are interest in purchasing Denver Homes For Sale, heres some more information regarding the credit to make your American dream come true.
Who Qualifies?
First time homebuyers who purchase a home starting January 1, 2009 thru December 1, 2009.
What Properties are Eligible?
The home you purchase must be your primary residence. As far as the type of home, it can be a attached, dethatched, townhome, condo and co-op.
How is the amount of the credit determined?
The maximum allowable credit is $8000 for homebuyers. Each homebuyers tax credit is determined by two factors:
1) The price of the home- the credit is equal to 10% of the purchase price, up to $8000.
2) The buyers income- if single, you income cannot exceed $75,000 and married couples income cannot exceed $150,00 per year.
If the buyer(s)â•’ Income exceed these limits, can he/she still get a credit?
Yes, some buyers may still be eligible for a credit. But he credit will decrease. This credit will decrease if the single buyers income fall between $75,000 to $95,000 and no credit will be receive if his/her income exceeds$95,000. Now for couples the credit decreases if their income falls in between $150,000 to $170,000 and are not eligible in their income exceeds $170,000.
Does the credit need to be repaid?
The credit does not need to be repaid if the buyer(s) occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale of the home.
With all these great Denver Homes For Sale at record low prices, this gives you one more reason to make a home purchase today.
Posted by: Editor
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