Any home over $80,000 qualifies for the full tax credit. Homes under $80,000 qualify for a credit of 10% of the purchase price (E.G. $65,000 home qualifies for a $6500 tax credit).
To qualify for the credit the purchaser & the purchaser's spouse must be first-time home buyers.
Any single person who makes less than $75,000/per year ($150,000 for a married couple) qualifies for the full credit. The credit phases out at higher income levels.
The tax credit does not need to be repaid provided the buyer does not sell the home within 3 years.
Though there was much talk, this tax credit cannot currently be used as a downpayment.
The 2009 $8000 tax credit expires on December 1, 2009. To qualify for the credit the real estate transaction must go to closing prior to the December 1 deadline.
If you are ready to purchase a home in Maryland give me a call.If you or someone you know would like information about buying, selling, or renting a home in Prince George's, Montgomery, Charles, Anne Arundel, Howard, and/or Baltimore Counties please contact Dr. Stacey-Ann Baugh of EOP Real Estate, LLC.
Donations made to charity with every successful closing!
Dr. Stacey-Ann Baugh
EOP Real Estate, LLC
staceyannbaugh@gmail.com
240-481-3565 (C)
240-206-7283 (O)
FINALLY! A DOCTOR WHO MAKES HOUSE-CALLS!
Information deemed reliable but not guaranteed!
Nice clock! Buy now and avoid the rush of last minute price increases!
Stacey-ann, With any luck we'll replace this clock with a brand new one. Keep your fingers crossed.
LOVE THE CLOCK! Are you seeing a rush of last minute shoppers yet?
Neato. That is a great clock. You know how in some cultures clocks are bad luck, hopefully this one will be a benevolent one. Don't forget to tell your buyers as well that they have to close before the deadline. There is actually less time than we think.
Heath - I wonder if there will be last minute price increase
Greg - I am not feeling too hopeful
Renee - I am beginning to see some real activity
Brian - Especially since loans are taking so much longer to close these days.